The latest Ibec Quarterly Economic Outlook for Q4 2020 outlines that, despite the ongoing challenge of COVID and the inevitable impact of Brexit next year, there is cause for optimism.
Recent months have again shown the continuing resilience of Ireland’s export-driven growth model during a difficult period. Ireland looks to be on course to be the only country in Europe with growing exports and potentially a growing economy in 2020. The recent progress toward an effective COVID vaccine rollout, although not a panacea, also provides some hope of a return to normality for consumer facing sectors over the next twelve months.
The Irish exporting business model is proving resilient in the face of COVID and this strong export performance will be the central pillar of the economic recovery over the coming years. The other pillar will be delivering record household savings into the domestic economy. If the right incentives and channels are found, 2021 could be an extraordinarily strong year for consumer spending which would in turn, drive a recovery in employment.
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