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Briefing

Ireland: Economic Profile

Appears in: Europe, Macroeconomy, Eurozone, Ireland, Growth Outlook and Business Cycle

Critical Issues

Background:

Following a decade of strong economic growth, Ireland was among the countries hit hardest by the global economic and financial crisis. Internal imbalances, present in particular in the construction and the financial sectors, increased Ireland's vulnerability to a slowdown in global economic activity. Despite posting positive quarterly growth in Q3 2009, the effects of the recession are expected to be longlasting. Ireland is one of the few eurozone countries in which GDP is expected to contract for three consecutive years. With tax revenues slowing down and the need for extensive banking sector aid, Ireland's government finance deteriorated dramatically, leading to several sovereign credit rating downgrades.

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Associated Readings

Analysis IMF Jun 26, 2009 Ireland: 2009 Article IV Consultation - Staff Report; and Public Information Notice on the Executive Board Discussion Analysis FinFacts Ireland Apr 29, 2009 ESRI says Irish Economy to shrink 9.2% in 2009 - - sharpest fall in an industrialised country since Great Depression; Employment to plunge by 187,300 Opinions Economist Intelligence Unit Apr 09, 2009 Ireland economy: The D-word News Bloomberg Mar 30, 2009 Ireland Loses AAA Rating at S&P on Deficit, Slump News AFP Mar 10, 2009 Irish economy to shrink 6pc, says central bank governor John Hurley News Financial Times John Murray Brown Mar 05, 2009 Ireland scrambles to limit borrowing Analysis Davy Research Rossa White Dec 04, 2008 Irish economy to decline again in 2010 Analysis Economist Intelligence Unit Nov 19, 2008 Ireland economy: Deeper and deeper News Financial Times Ralph Atkins and John Murray Brown Sep 25, 2008 Ireland first in eurozone to hit recession Analysis Global Insight Sep 26, 2008 Ireland in Recession as GDP Contracts in Q2 Opinions Financial Times Marc Coleman Jan 28, 2008 The Celtic tiger can come roaring back Research IMF Daniel Kanda Jan 10, 2008 Spillovers to Ireland

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