The Republic will be the 10th fastest growing economy in the world next year, according to the latest research from the Economist Intelligence Unit.

The world economy will continue growing but at a slower pace than in this year at 3.4 per cent from 4.2 per cent, according to the research.

It found that the biggest threat to global growth is a US recession, which has a 20 per cent chance of happening. The US economy continues to suffer from two main imbalances, the current account deficit and high private sector borrowing.

Equatorial Guinea will be the fastest growing country in the world because of the expansion of its oil sector. It is followed by Turkmenistan and Morocco. Zimbabwe will be the slowest.

Ireland is ranked in 10th place just behind Bosnia and Hercegovina and Malaysia. Luxembourg is the only other EU country to make the top 20, ranked at 15.