Thursday 14 December 2017

Jobless figures spoil good news

GOOD news has been so scarce for so long that we must rejoice at any glimmer of light on the economic horizon. And Ireland's belated emergence from recession, with a resumption of growth in the first three months of this year, is good news indeed.

We should also give thanks for the wisdom of policymakers in the past, who brought so many multinational companies to Ireland.

Without them, we would not have recorded a growth rate of 2.7pc of gross domestic product in the first quarter. We would have still been in recession. Our indigenous companies are almost crippled by lack of credit and consumers' reluctance to buy. The sector's contribution to the national wealth has actually fallen slightly.

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