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Living standards in Ireland will remain high, despite the severe contraction, but stronger structural policies would encourage sustainable long run growth.
The fiscal consolidation challenge for Ireland is severe, the underlying budget balance having moved abruptly from surplus to a large deficit.
Speaking at the Institute of International and European Affairs, Mr. Gurría emphasized the OECD’s continued support of the G20, outlining our work on trade and investment, unemployment, and climate change in the wake of the financial crisis.
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.
Following the severe contraction of the economy, the main economic challenges in rebalancing the economy include raising competitiveness, restoring the financial system to health, fiscal consolidation and avoiding high long-term unemployment.
Angel Gurría was in Dublin to launch the Economic Survey of Ireland and the conclusions and recommendations of the Environmental Performance review of Ireland, to be published early next year. He also gave a speech at the Institute of International and European Affairs and met several ministers to discuss key policy issues.
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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.
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The OECD Employment Outlook 2009 indicates that Ireland's unemployment rate is likely to rise further in coming months, and could even approach 15% by the end of 2010 if the recovery fails to gain momentum.
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Agreement between Ireland and Antigua & Barbuda for the exchange of information relating to tax matters
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Agreement between Ireland and St Vincent & the Grenadines for the exchange of information relating to tax matters