Monday 26 June 2017

IMF delivers the starkest message yet on all of our futures

AFTER one month in office, our new Government finds itself confronted with an economic crisis more daunting than any it had anticipated. It is encapsulated in yesterday's report from the IMF, a long report which nevertheless can be summed up briefly in two points.

The IMF has halved its forecast for Irish economic growth. The new figure is a paltry 0.5pc, far below the healthy and sustained growth which is the only key to recovery.

Secondly, the IMF says that it will take "a long, long time" to know whether the austerity measures being implemented at present will work at all. In other words, we cannot know if and when our crisis will peak. The only certainty is that in the short term it will get worse, very much worse.

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