Employment rates will be slower to recover.
Economic activity will be back above pre-pandemic levels next year, according to the Central Bank.
In its latest quarterly bulletin, it says the economy has recovered strongly since restrictions eased recently.
The bank says it's confident this will continue as the vaccine rollout gathers pace.
Director of economics and statistics, Mark Cassidy, says its predictions have been revised upwards since April.
Central Bank upgrades growth forecast while warning on public finances https://t.co/cdu4Wp5g6W via @IrishTimesBiz
— Irish Times Business (@IrishTimesBiz) July 1, 2021
Ireland's unemployment rate will still be above pre-pandemic levels at the end of 2023, according to the Central Bank.
The rate was nearly 22 per cent in May - and the bank's predicting this will fall to 8 per cent in the middle of next year.
The Central Bank has published the third Quarterly Bulletin of 2021, forecasting that widespread improvement of consumer and business sentiment has bolstered economic outlook. Read more here: https://t.co/keLTT1SmGq pic.twitter.com/wBELR5IoYk
— Central Bank of Ireland (@centralbank_ie) July 1, 2021
It says the economy has started to rebound strongly since restrictions eased recently.
But Mark Cassidy, says the unemployment rate will take a long time to recover fully.
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