Summary Q4 2024
Irish Economy
The Central Bank has cautioned that tariffs and tax changes by the US under the Trump administration pose risks to Ireland’s economy. Such measures could impact jobs, influence future investment decisions, and reduce corporation tax revenue from US multinationals based in Ireland.
Pharmacy as Healthcare Hub
IPU President Tom Murray highlighted the pharmacy sector, with 78 million visits annually, is the most accessed healthcare service, with the potential to transform into key healthcare hubs. However, this potential is hindered by the lack of a national pharmaceutical care policy.
Global Economy
The global economy maintained steady growth in late 2024, supported by easing inflation, stable consumer spending, and relaxed monetary policies. The United Nations forecasts a 2.9% global GDP growth for 2024 and 2025, with inflation expected to drop from 5.9% in 2024 to 4.5% in 2025 as per IMF estimates.
IPU Warning
The Irish Pharmacy Union has warned that without action from the next Government more pharmacies are at risk of closure due to a 16-year freeze on pharmacist fees.
United States Presidential Election
The election for President of the United States took place in November. The Republican candidate Donald Trump beat Democrat candidate Kamala Harris by 312 electoral college votes to 226.
