The organisation also warned that measures aimed at helping households weather the current price surge would have to be more targeted “if we are to avoid adding fuel to the inflationary fire”.
“Despite the downward revision in our forecasts, it is important to acknowledge that our underlying business model remains strong and can deliver growth,” Ibec’s chief economist“ However, the global environment will drag on growth this year and next, with rising energy costs, record commodity and transport costs and global supply chain challenges resulting in a slowing of business investment and lower than previously expected consumer spending,” he said.
Heightened inflationary pressure combined with the worsening crisis in Ukraine were also cited as the reason for another drop in Irish business and consumer sentiment this month, according to theThe lender’s latest “Economic Pulse” index, which tracks business and consumer sentiment, fell three points to 81 in April, the second consecutive monthly drop.The uncertain environment was making households warier about spending while tempering the expansion plans of firms, the bank said.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: businessposthq - 🏆 8. / 71 Read more »