Tuesday 6 December 2016

Chink of light at end of the tunnel

Published 06/09/2011 | 05:00

THE latest report from the Economic and Social Research Institute (ESRI) carries a message of hope. Not a vague hope of prosperity and happiness conferred by some fairy godmother, but a realistic assurance that if we do the right things and apply ourselves strenuously to the task, we can set ourselves on the path to recovery.

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Nobody could expect our leading think-tank to gloss over the enormous difficulties we will still encounter, and nobody can doubt the threats that loom at home and abroad.

The ESRI has been forced to cut its forecast for economic growth. It predicts growth in GDP (gross domestic product) of only 1.8pc this year. Our prospects for the next two years can be little better, especially in view of the acute problems in the United States and Europe -- the destinations for most of our exports of goods and services.

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