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Irish economy expected to grow in next two years

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A prominent think tank, the Economic and Social Research Institute (ESRI), has projected solid growth for Ireland’s domestic economy in the next couple of years, driven by decreasing inflation and rising wages. They anticipate a 2.3% growth in modified domestic demand (MDD) for this year, followed by a 2.5% increase next year. MDD is a metric that filters out the influence of multinational corporations on Ireland’s economy. In 2023, MDD only saw a modest 0.5% growth due to factors like inflation and higher interest rates dampening spending and investment.

Despite a strong post-pandemic recovery, Ireland’s economic momentum slowed notably in 2023, partly due to increased inflation which hindered household finances. The ESRI noted a lack of real pay growth during 2022 and 2023. Real pay, adjusted for inflation, is a key indicator of changes in living standards. Both the ESRI and Ireland’s Central Bank anticipate an increase in real pay this year.

Traditionally, Gross Domestic Product (GDP) serves as the primary measure of economic performance; however, Ireland’s GDP is heavily skewed by multinational activities. Official data indicated a 3.2% contraction in Irish GDP in 2023. Usually, Irish GDP overestimates economic growth, but recent trends have shown the opposite, partly due to decreased sales and exports from US pharmaceutical companies’ Irish operations post-pandemic. The ESRI anticipates a recovery in Irish GDP over the next two years, driven by global trade improvements.

The ESRI also underscored the pressing need for Ireland to address well-documented infrastructure challenges, particularly in areas like housing, renewable energy, and public transport. Notably, plans for an underground rail link connecting Dublin Airport to the city center have reached the public planning hearings stage after more than two decades since the project’s inception.

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Two arrested in France over alleged bedbug scam

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In France, two individuals have been arrested for allegedly scamming elderly people by convincing them to pay exorbitant amounts for unnecessary bedbug treatments. The suspects, operating in Strasbourg, would visit the homes of their victims, conduct fictitious inspections, and then exploit the situation by overcharging for purported treatment products. The victims, numbering 48 in total, were predominantly elderly women, many of whom were over 90 years old. This fraudulent activity comes amid a growing concern over the rise of bedbug infestations across France, prompting government officials to consider measures to address the issue.

The modus operandi of the alleged scammers involved contacting potential victims, informing them of a bedbug infestation in their neighborhood. Subsequently, the suspects would visit the targeted individuals’ homes, posing as health officials. They would simulate a treatment process using aerosol sprays, then offer a supposed bug-repelling ointment, which, in reality, was a basic eucalyptus-scented cream. The victims, unaware of the scam, were charged varying amounts ranging from €300 to €2,100. Authorities received a total of nine formal complaints related to suspected fraud, leading to the surveillance and arrest of the suspects as they left the residence of an alleged victim in Strasbourg.

The escalating bedbug issue in France has raised concerns about its potential spread, with fears that Parisian infestations could impact other cities, including London. London mayor Sadiq Khan expressed apprehension about the threat to the capital’s public transport system, emphasizing efforts to prevent a similar problem. In October, he reported engaging with counterparts in Paris and officials at Transport For London to collaborate on strategies aimed at averting the potential spread of bedbug-related challenges.

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