A new report by NCB Stockbrokers argues that Ireland's favourable demographic profile will benefit the country's economy over the next 15 years.

The report - called 2020 Vision - says the population of the Republic will grow by 30% to over 5.3 million by 2020, and to six million by 2050. It says immigrants could account for a fifth of the population by 2020.

NCB economists Dermot O'Brien and Eunan King, said the population between the ages of 15 and 64 will rise by 700,000 in the next 15 years. “Sustained strong growth in the labour supply will maintain a capacity for growth in Ireland that will far outstrip that in other EU countries where the demographic outlook is much less favourable,” the report argued.

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As a result, NCB said, demand for pensions, mortgages, insurance and other financial products will benefit, as will spending on travel and leisure activities. The report estimated that the number of cars in the State will almost double to three million by 2020, with car numbers in the greater Dublin area rising to one million from the current 600,000.

NCB said housing demand may cool down, but should still run at an average of 65,000 homes a year for much of the next 15 years.

(LC/SP)