Latest economic outlook Last month, we published our second Quarterly Bulletin of the year. Our Quarterly Bulletins outline the Bank’s view on the latest economic developments in Ireland. Overall, the Irish economy continues to recover strongly from the pandemic. Modified domestic demand grew by 6.5 per cent in 2021 and is now above pre-pandemic levels.
With these risks that I have just described being primarily global and largely not directly within our control, why do we believe that the Philippine economy will be able to ride out these patches? The short answer is we have built up domestic buffers. What are these? One, we have built up buffers in our domestic financial system.