Household savings acting like a repeat of SSIA savings schemes during the Celtic Tiger years
That's according to a forecast by business lobby group IBEC, which is predicting GDP growth of 3.1% this year.
IBEC's chief economist Gerard Brady says there'll be renewed consumer and business confidence from July onward
But that's only as long as the vaccine drive goes as planned:
"In the last 12 months households save 15 billion euro, far more than they did in any other year. So that money is sitting there, how that comes back into the economy. And just to put it in context, it's the same size as the SSIAs that matured in 2006 and 2007 that caused a consumer boom. If as the economy reopens they stopped saving at that rate and start spending more of their money, that will give a big boost to the economy as well."
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