Ireland's business group Ibec on Monday predicted a new phase of strong economic growth, saying the country's economy would grow by nearly 3 percent next year.
In its new economic outlook, Ibec, a group that represents Irish business, revised upwards its GDP growth prediction, from 2.3 percent to 2.8 percent.
It predicted investment in the economy will increase by 15.5 percent (previous projection 9.7 percent) and consumer spending will increase by 1.3 percent (previous projection 1 percent).
"The bailout exit is very significant and will further bolster consumer and business confidence," said Ibec chief economist Fergal O'Brien, adding that 2014 will be another good year for job creation with 50,000 new jobs expected.
O'Brien said the GDP growth estimate for 2013 of less than 1 percent is not a true reflection of real economic activity.
"The 2.5 percent employment growth this year is a much more accurate indicator of the current health of the economy," he said.
The group said it was time to reduce income tax, reform public sector pensions, invest much more in infrastructure and do more to help get people back to work.
"Irish firms are winning new business, driving growth and putting people back to work. A recovery in consumer demand next year will see improved conditions for those trading domestically. International investors have recognized the strength and future growth potential of the Irish business sector," he said.
"This has been a key feature in the country's stronger than expected bailout exit," said O'Brien./.