Friday 9 December 2016

Dumb luck played a large part in our recovery - but all is not yet rosy

Published 26/12/2015 | 02:30

Christmas shoppers on a busy Grafton Street as business returns to near peak levels. Picture:Arthur Carron
Christmas shoppers on a busy Grafton Street as business returns to near peak levels. Picture:Arthur Carron

You would want to be some kind of sadist to try and put the dampeners on what, for many, will be the first financially decent Christmas they have had in years. Scarred by austerity, fear and pessimism, lots of us tucked into our Christmas dinner full of optimism and hope for 2016. We are beginning to believe that the crash is finally behind us.

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The economy is growing at 7pc per year. Unemployment is falling. Confidence is up and people are spending more money. It would have been hard to imagine just four years ago that so much could have changed for the better in such a short space of time.

It would have been more difficult to imagine that the ESRI would caution the government about needing to put the brakes on to avoid overheating, as they did yesterday.

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