Saturday 24 March 2018

Economy needs an electric shock, not inertia and hypnosis

The total pursuit of the holy grail of export-led growth will result in job losses and closures at home, writes Aengus Fanning

The economy has stabilised, we are told. But don't expect to feel any improvement in 2010, even though it is hoped that numbers will come forth before the end of the year to show that recovery has in fact begun.

Sean Whelan, on the RTE News after the Exchequer returns were published, put this idea across with a degree of waffle that would do justice to a Fianna Fail politician pretending to answer questions from George Hook.

"That rate of 18 per cent rate of decline in tax revenue compared to a December rate of decline of 19 per cent, so it's beginning to move in the right direction," Whelan said. "So when recovery does start to kick in, hopefully in the second half of this year, hopefully things will start to get a little bit better, at least in terms of the numbers, but I'm afraid for most people they aren't going to notice any recovery, they're certainly not going to feel things are getting better in 2010 even if the numbers say they are."

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