Assuming ESRI’s latest predictions are right, Ireland will hit ”full employment” and its jobless rate will crash to 5% before the end of the decade.
The Economic and Social Research Institute (ESRI) has delivered the most optimistic major unemployment forecast yet – predicting the jobless queues will drop to well below 10% of the workforce next year.
In its latest outlook, ESRI economists said it has forecast GNP and GDP growth of around 5% for this year and next, and said unemployment could fall to just over 9.5% next year. It said it believes the Government will have about €500m in extra money next year for consumption or investment, and suggested the Government invest it in building social housing. It said this would boost jobs and economic growth and help address a social need.
ESRI chief economist John FitzGerald said researchers were also predicting a return to “full employment”, or an unemployment rate of about 5%, before 2020.
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