After a recession of historic proportions, an export-led recovery is gaining traction in Ireland. The pace of recovery, however, varies sharply across sectors.
Ireland’s banking crisis, one of the most severe in the OECD area, and the associated economic recession have taken a heavy toll on public finances.
Ireland is recovering from an extremely large banking crisis born of over-exuberant property lending. The government has taken a wide range of measures to tackle the crisis over the past 3 years.
The Irish economy still faces tough challenges as the country exits from a deep recession and banking crisis, but its long-term prospects now appear better than many of the other hard hit European countries, according to the OECD’s latest Economic Survey of Ireland.
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This note is taken from Chapter 3 of Economic Policy Reforms: Going for Growth 2010.
Economic forecasts for GDP, unemployment, inflation and fiscal balance.
The fiscal consolidation challenge for Ireland is severe, the underlying budget balance having moved abruptly from surplus to a large deficit.
Following the severe contraction of the Irish economy, Gurría indicated that stabilising the financial system, tackling unemployment, and raising competitiveness will be the main economic challenges for Ireland.
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External links to: recent economic data; current interest rates and exchange rates; latest macroeconomic reports; current outlook and projections; government budget information; speeches; relevant sites.
Country Notes from OECD Economic Policy Reforms: Going for growth 2011 presenting OECD recommendations for structural reform priorities for individual countries.