IBEC doesn't expect recession after pandemic
Business group IBEC says the country's economy is well placed to see a rapid recovery as the vaccine rollout continues.
Its new Quarterly Economic Outlook says there is light on the horizon for most sectors, with consumer spending expected to rapidly increase.
It says it doesn't see the country experiencing a recession after the pandemic.
Instead, the group forecasts the economy will emerge strongly from the health crisis, with no need for austerity to make up for state spending over the last year.
Chief Economist with IBEC Gerard Brady says as more people go back to work, they expect the recovery to continue.
"What we can see as sectors reopen, particularly in sectors like non essential retail, we've seen really strong pickup across all sectors as they've reopened.
"Credit card and debit card data, VAT returns are other leading indicators of what's going on out there, and the economy is showing really trong readings."
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