Overview of Ireland’s Real GDP
The real GDP of Ireland increased by 13.5% from the previous year to $473.1 billion in 2021. Between 2010 and 2021, Ireland's economy expanded by 7.1%. Ireland's future growth was hampered due to the rise in COVID-19 cases, rising inflation, and the conflict between Russia and Ukraine.
Outlook on Global Economy
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth.
The US, China, Japan, Germany, and India are the top five countries in the world in terms of real GDP. In 2021, the US had the most significant real GDP with a value of $18.6 trillion, followed by China with a value of $12.7 trillion. Japan's real GDP rose to $6 trillion during the same period, placing it third globally. Other top economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion.
Factors Affecting the Global Economy
A rise in COVID-19 cases:
More cases have been reported globally due to Omicron, a new COVID-19 variant, which has disrupted supply chain management. However, the worldwide vaccination campaign has decreased COVID-19 fatalities.
Russia-Ukraine war:
A prolonged conflict between Russia and Ukraine will continue to affect global economic growth. Investment and trade have been adversely affected due to the war as economic sanctions have been imposed on Russia, and several big companies have stopped their operations in the country.
Rising Inflation and Interest Rates:
The inflation rate in developing and advanced economies have been rising, causing central banks to tighten monetary policy and raise interest rates to control price rises. However, a sustained rise in interest rates could push some economies into financial distress.
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