The Economic and Social Research Institute (ESRI) says the Irish economy will grow by 6.7% this year. It is predicting further growth of almost 5% in 2016.
Its latest forecast says unemployment will fall to 9% by the end of the year and to just under 8% by the end of 2016.
Economist with the ESRI David Duffy, says both Ireland's domestic and international trade is on the rise:
"What we are seeing at the moment is that not only is the external side of the economy, not only are we trading more, but we are also seeing the domestic side of the economic grow.
"We are seeing consumption growth and increases in investment and all those are contributing to an economy that is growing quite strongly in 2015 and we think, that on the basis of trends, that that growth will continue into 2016."
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David Cameron has hailed a "big step forward" in his unprecedented attempt to renegotiate Britain's relationship with the European Union.
The Prime Minister spent over half an hour detailing the UK Government's concerns about the EU to all 27 other leaders in the bloc at a summit dinner in Brussels.
"Really good progress has been made, but it is going to be tough," Mr Cameron told reporters.
"Nothing is certain in life or in Brussels but there is a pathway to a deal in February, but the truth is it will be very hard work."
The most contentious issue remains British plans to curb social welfare benefits for migrants.
Taoiseach Enda Kenny indicated before the meeting that he was committing to helping the UK to stay in the EU - yesterday he called on other EU leaders to help Mr Cameron to secure a favourable deal to take home to British voters.
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IMF chief Christine Lagarde is to stand trial in France for alleged negligence relating to a €404m payment to a high-profile businessman in 2008.
At the time she was the finance minister in Nicolas Sarkozy's government the money was paid to Bernard Tapie for the sale of a firm.
He had supported Mr Sarkozy during the 2007 French election - investigators are examining whether this payment was connected to this endorsement.
A lawyer representing Ms Lagarde described the court's decision as "incomprehensible" - and said that she will appeal the decision.
In a statement she said that she has "always acted in this affair in the interest of the state and in respect of the law."
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Two-thirds of Irish small and medium enterprises are planning to invest in growing their businesses during 2016.
Nine out of ten firms are confident about the prospects for the Irish economy in the new year according to PwC's SME survey.
John Dunne of PwC private business services commented on the figures: "The survey is good news for the Irish SME sector, many of whom are targeting the export market. While still high, many of the challenges of the past are now beginning to show signs of easing up such as access to finance, skills and the overall tax burden."
Additional reporting by IRN
