Ireland: 2021 Article IV Consultation-Press Release; and Staff Report
IMF Staff Country Reports, June 16, 2021
Source details
- Canonical URL
- Ireland: 2021 Article IV Consultation-Press Release; and Staff Report
Other formats
Bibliographic details
- Published: June 16, 2021
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513587233.002
Macro-fiscal and economic overview
- Ireland entered the COVID pandemic with reduced vulnerabilities and high growth, especially in multinational enterprises (MNEs)-dominated sectors.
- The pandemic had a highly asymmetric impact on the economy:
- Domestic sectors contracted by about 10 percent in 2020.
- Unemployment reached 30 percent at the peak of the first wave.
- MNEs continued to grow strongly, driving overall GDP growth to 3.4 percent.
- A swift policy response has been effective in mitigating the crisis impact and protecting households and firms.
2021 outlook and projections
- Domestic sectors are expected to partially recover in 2021.
- GDP growth projected at 4.6 percent for 2021.
Risks and uncertainties
- Downside risks identified:
- Uncertainties surrounding new COVID variants.
- Post-Brexit trade arrangements.
- Likely changes in international taxation.
Content in this bundle
- 1irlea2021001