Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Northern Ireland economy expected to shrink next year

by December 9, 2022
December 9, 2022
Northern Ireland economy expected to shrink next year

Ulster University economists expect the Northern Ireland economy to shrink next year, followed by a weak recovery in 2024.

The Ulster University Economic Policy Centre (UUEPC) estimates that output will fall by 1.2% in 2023.

The forecast for 2024 is growth of 1.7%, with a similar outlook for the UK as a whole.

It also suggests that the Bank of England may not raise interest rates much beyond the current 3%.

UUEPC director Gareth Hetherington said that a further increase in interest rates this month is “almost inevitable” but future increases could be smaller and “we may be approaching the end of the current cycle of monetary tightening”.

Interest rates were just 0.25% at the start of this year but have been raised steadily as the Bank of England has tried to get on top of soaring inflation.

Mr Hetherington said the last Bank of England monetary policy committee report included analysis that suggests inflation could fall to below its 2% target over three years, even if rates stay at 3%.

“This would suggest that interest rates may not need to go any higher, but the report also stressed that risks were skewed towards higher inflation,” he added.

The UUEPC forecasts that interest rates will be 3.5% at the end of 2022 and 2023 with inflation averaging 7.4% next year.

Read more:
Northern Ireland economy expected to shrink next year

0
FacebookTwitterGoogle +Pinterest
previous post
Evri says sorry for parcel delays in run-up to Christmas
next post
New VAT system will be fairer but more complex

You may also like

Trump Faces Potential Windfall as Truth Social Enters...

March 22, 2024

Male-led businesses receive over six times more investment...

March 29, 2023

Asda’s Christmas slip leaves it trailing rivals amid...

January 8, 2025

Evaluating the 3 Best Wallets for Crypto Assets

July 27, 2023

Survey reveals over three-quarters of UK business leaders...

April 13, 2023

Mencap warns National Insurance rise could force closure...

December 11, 2024

West Midlands tops regional rankings for foreign investment...

June 29, 2023

Lifelong Learning Culture at Work: The Role of...

June 11, 2024

Revolut employees to benefit from £390m windfall as...

August 18, 2024

Trump’s tariff threat: UK businesses could face higher...

February 14, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Flashback: The debate night against Trump that threw Biden’s reelection campaign into a free fall

      June 27, 2025
    • How to Improve your Trading Odds and Increase Opportunities

      June 27, 2025
    • UK Export Finance unveils new tools to boost SME global trade

      June 27, 2025
    • Republicans raise alarm over US vulnerability to mass drone strikes after Israel-Iran conflict

      June 27, 2025
    • Manchester businessman cleared of hacking charges in ICO case

      June 27, 2025
    • Winners announced at Isle of Man Innovation Challenge 2025

      June 27, 2025

    Categories

    • Business (8,329)
    • Investing (2,074)
    • Politics (15,826)
    • Stocks (3,173)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved