Running faster to stand still
Published 21/10/2011 | 10:17
Ireland may have passed its latest review by the EU/ECB/IMF troika but with a slowing global economy threatening to reduce demand for our exports, framing next December's Budget could still prove to be very difficult.
Eleven months after Ireland was forced to seek a bailout from our European "partners" there are clear signs of progress. Economic growth has resumed -- although admittedly only in the export sector, fixing the banks is going to cost the taxpayer less than originally feared, Irish bond yields are down and the budget deficit is gradually falling.
Unfortunately, with domestic demand flatlining, we are totally dependent on exports to generate economic growth.