IMF - Prospects For Irish Economic Growth Deteriorate

05 March 2012 - Which Way to Pay

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IMF - Prospects For Irish Economic Growth Deteriorate

The International Monetary Fund's (IMF) latest quarterly report on Ireland’s financial outlook has raised concerns that Ireland’s economy faces far greater challenges than first thought. The report says that the prospects for growth in the Irish economy have deteriorated as the Eurozone enters a predicted recession, a move which will damage Ireland’s export prospects.

The report says “Ireland’s economy faces far greater external and domestic challenges than envisaged at the start of the programme.” It also says that household spending is likely to decline as the value of property continues to decline and the volume of household debt continues to rise. Furthermore, it says the European banking climate means that Irish banks will find it difficult to shrink their operations as had been hoped, as banks will find it tough to dell off their assets. This will in turn make it more difficult for banks to raise cash, and in turn to lend money to households in order to get them spending again. The report says that although the yields on Irish government bonds have fallen, they “remain high, and credit rating are on negative outlook.”

There are a few positives in the report as it commends Ireland for getting its government current spending bank into surplus in the second half of last year, while all major fiscal targets for 2011, “were observed with healthy margins.” The report notes, “Policy implementation has continued to be strong.”

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