Thursday 23 November 2017

Why growth in Britain could give our economy boost we've been waiting for

Shoppers hunt down sale bargains on Grafton Street. Photo: Tony Gavin
Shoppers hunt down sale bargains on Grafton Street. Photo: Tony Gavin
Dan O'Brien

Dan O'Brien

The economy has started the year strongly. Yesterday, the first official assessment of 2014 so far came from the Central Bank's in-house economists. Their take on the state of the economy and its future prospects made for interesting reading.

Although the dismal scientists on Dublin's Dame Street have not been unaffected by the general sense of optimism – driven by positive hard data and a smooth bailout exit – they were predictably sober yesterday. They counselled caution. And they highlighted the scale of the challenges that remain – the economy still has a long way to go before it is a safe distance from the edge of the default abyss.

In all this they are undoubtedly correct. While the prospects of durable recovery are better now than in more than five years, we are a very long way from being out of the woods. And, as recent and ongoing wobbles in global financial markets illustrate, there is a great deal of fragility in our world.

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