The Future Is Not Looking Bright For The Irish Economy

21 June 2012 17:30 - Phoebe Robinson

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 The Future Is Not Looking Bright For The Irish Economy

Unfortunately for Ireland, the country is forecast to slip back into recession this year. It seems the country’s dependent source of growth is their exports and due to the fact that the Eurozone crisis has now hit export sales means that  the economy is going to suffer more.

A summer forecast from accounts Ernst & Young has decreased the forecasts for Ireland next year and for the following year 2014. They are saying that they now expect output (GDP) to grow by an average of just 1% per annum.

It is being said that action should be taken in order to avoid a prolonged slump in the market. Suggestions such as the country should focus on job creation over anything else even if this will mean that further pay cuts need to be made and those who already have a job will have to cut their hours in both the public and private sectors.  Neil Gibson an economist said the reason that the forecasts were so bleak is due to the fact that there is no clear solution to the eurozone crisis in sight.

It is thought that National income will shrink by nearly 1%, but even though this seems gloomy it is in fact an increase on last year’s slump of 2.7% drop.

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Related Links:
• Ernst & Young
Offical Webstie
• Economic Calendar
Scheduled Economic Events

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