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Fiscal policy has a “major role to play” in broadening the financial gains from generative AI technology and preventing a spike in wealth inequality, the IMF today. Left unchecked, generative artificial intelligence (AI) threatens to amplify job losses among white collar professions, International Monetary Fund staff wrote in a new paper. The technology forms the…

The Central Bank has reduced its forecasts for economic growth this year. In its latest Quarterly Bulletin, the bank predicts that Modified Domestic Demand will expand by 2.1% in 2024, down from its forecast in March of 2.2%. It has also cut its forecast for Gross Domestic Product to 1.8%, down from its previous projection…

The European Central Bank needs to see momentum in services inflation come down this year in order to confirm its disinflation narrative, the ECB’s chief economist said today, adding it will not have much new information by its July meeting. “It’s fair to say momentum at the start of the year in services was relatively…

Dublin ranks as the 41st most expensive city in the world for international employees, the 2024 Cost of Living City Ranking survey from Mercer shows, ten places higher than last year. This means that Dublin is more expensive than cities like Edinburgh, Milan, Rome and Madrid, but it is still behind major European cities like…

Nearly half of Irish jobseekers would refuse a job offer if there were no hybrid or fully remote working options offered, according to new research from The Stepstone Group, the parent company of jobs website IrishJobs. This compares to a global average of 29%. The study found that 61% of jobseekers would turn down an…

The savings rate among households increased to 14.7% between January and March. New data from the Central Statistics Offices shows that households saved €8.1bn during the three month period, before adjusting for seasonality or inflation. The CSO noted that the first quarter of the year tends to have higher savings, as consumption is lower after…

Consumer prices for goods and services rose by 2.6% over the 12 months to May. The figures from the Central Statistics Office show that when energy and unprocessed food are excluded, the Consumer Price Index (CPI) went up by 3.5%. The largest increases in the year to May were recorded in the transport sector, followed…

Cost of living pressures continue to top the agenda for consumers, new data shows. The latest Future Consumer Index from EY tracks changing consumer sentiment and behaviours right across the world. 23,000 consumers were surveyed across 30 countries, including here in Ireland. It found that 62% of Irish households, and 55% of global households are…

The number of new electric cars sold in the first five months of the year dropped by 20% compared with the same time last year, new data shows. The figures from the Central Statistics Office show that 9,458 new EVs were licensed between January and May, down from 11,918 during the same period in 2023.…

The Federal Reserve held interest rates steady yesterday and pushed out the start of rate cuts to perhaps as late as December as policymakers sketched out their view of an economy that remains virtually unchanged across its major dimensions for years to come. With growth and unemployment lodged at levels better than the US central…