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23/05/2023
NI's Economic Performance 'More Positive Than Forecast'
Northern Ireland's economic performance has been more positive than previously forecast, while a challenging environment will remain in the short to medium term, according to the latest Spring 2023 Outlook from the Ulster University Economic Policy Centre (UUEPC).
The Outlook found that despite "the very challenging economic environment" the local economy has proved to be more resilient than anticipated at the beginning of the year, which means that while growth will remain low "a recession will be avoided".
Gareth Hetherington, Director of the UUEPC said: "There is understandably a lot of focus on a returning Executive and the impact of the latest budget settlement, but people must understand that the next 3 to 5 years is going to be a very challenging time to be a politician whoever takes those decisions. The Irish Government had its budgetary day of reckoning after the financial crisis and they established an Expenditure Review Committee, or An Bord Snip as it was known, to take a strategic approach to identifying spending priorities and importantly areas where funding should cease. The current crisis represents our budgetary day of reckoning and we should be taking a similar strategic approach to identifying priorities."
The Outlook found that despite "the very challenging economic environment" the local economy has proved to be more resilient than anticipated at the beginning of the year, which means that while growth will remain low "a recession will be avoided".
Gareth Hetherington, Director of the UUEPC said: "There is understandably a lot of focus on a returning Executive and the impact of the latest budget settlement, but people must understand that the next 3 to 5 years is going to be a very challenging time to be a politician whoever takes those decisions. The Irish Government had its budgetary day of reckoning after the financial crisis and they established an Expenditure Review Committee, or An Bord Snip as it was known, to take a strategic approach to identifying spending priorities and importantly areas where funding should cease. The current crisis represents our budgetary day of reckoning and we should be taking a similar strategic approach to identifying priorities."
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Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
