A study published by Goodbody Stockbrokers says that Ireland will have the fastest-growing economy in the euro zone in 2015, with GDP increasing by 4 percent.

This would add to the significant gains made by the Irish economy in 2014 - Goodbody suggests that: "Ireland's recovery is a real and sustainable one."

The report also says that, "Investment growth will continue at a stellar pace, with construction taking over as the main driver."

It is also predicted that an upswing in domestic demand will help the economy to grow.

Goodbody's chief economist, Dermot O'Leary spoke to Newstalk's Business Breakfast, he commented that "having spent years managing the bust", Ireland now needs to change its policies to "manage the boom".

Mr O'Leary continued: "In 2015, with the polls going in the wrong direction for the Government, and an election about 14 months away, governing policy could increasingly be dictated by that reality - and I think that's an issue for investors."

He thinks that the Government will need to manage the public's expectations and to consolidate the gains that the economy has made. The Goodbody report warns: “It is important that sensible fiscal policy is not abandoned.” It also suggests that a give-away budget could harm the economy's future prospects.

Mr O'Leary commented that Ireland has experienced an "uneven recovery" and that it would take time for everyone to feel the benefits of this growth.

Exporting in "niche" markets like technology and pharmaceuticals will continue to help the economy to grow in 2015.