After a torrid few years, it seems that there is
light at the end of the tunnel for the Irish economy.
The Troika (the European Commission, the European Central
Bank and the IMF) has just completed its review of progress in Ireland since the
country’s bailout, and has concluded that the Government’s adherence to a tough
austerity programme is working, and the country is enjoying a period of
sustained economic growth which has been sustained since 2011.
Growth is forecast at just over 1% in 2013 and at
above 2% in 2014, a level which many other countries would envy at present. Of course, it isn’t all plain sailing -
continuing high levels of unemployment and weak balance sheets remain matters
for concern, and the Troika warn that continuing growth is dependent to a
material degree on the financial health of Ireland’s EU trading partners –
something which remains precarious at present.
Nevertheless, Ireland has met all of its targets to
date, and is on target to exit the bailout programme as planned.
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