ESRI predicts slower rate of economic growth this year

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A fall in exports and lower consumer spending in the face of higher inflation will lower the growth rate in the economy this year, according to the Economic and Social Research Institute. In its latest Quarterly Bulletin, the think-tank also cautions against any cuts in taxes in the upcoming Budget that go beyond keeping pace with inflation. Exports of goods by multinationals in the pharmaceutical and computer chip industries have fallen sharply this year. The reasons include less demand for vaccines post-pandemic and trade restrictions placed on US companies selling certain goods into China. The knock-on effect on multinationals exporting...