OECD Say Ireland Recovery Will Gain Strength From Rising Exports

22 May 2012 16:00 - Florence Fullalove

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OECD Say Ireland Recovery Will Gain Strength From Rising Exports

The Organisation for the Economic Cooperation and Development (OECD) have said Irelandís gradual recovery should gain strength next year as stronger growth in Europe and North America boosts exports. In its Economic Outlook report, the OECD forecast that growth in Irelandís economy will amount to 0.6% this year and 2.1% next year, which is a slight downgrade from a previous forecast of 1% for 2012 and 2.4% for 2013. The OECD also said that Irelandís unemployment rate is expected to drop from 14.5% in 2012 to 14.4% in 2013.

The report said that the Irish government will continue to implement budget consolidation measures which will reduce the deficit from 9.4% of gross domestic product in 2011 to 7.6% in 2013. The OECD said, "Progress in narrowing macroeconomic and financial imbalances is being made and needs to continue. It is the only way to gain further confidence of financial markets," Having said this, the OECD forecasts that Ireland overall general government debt, which was only 65.1% of gross domestic product in 2009, will rise to 115.7% in 2012 and 120.9% in 2013.

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