Irish economy particularly vulnerable to US recession
The International Monetary Fund has reportedly warned of serious damage to the Irish economy in the event of a recession in the US.
Reports this morning say the body has concluded that a shock in the US economy would have a greater effect on Ireland than a similar upset in the euro-zone or the UK.
Yesterday, the US Federal Reserve cut interest rates for the second time in just over a week in an effort to stave off a possible recession.
Figures also showed that the US economy only grew by 0.6% in the final quarter of last year, its slowest rate since 2002.