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Morgan Kelly says Ireland to contract by 20-25%, Unemployment 20%

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    #32
    Mr.Micro
    Registered Users Posts: 5,336 ✭✭✭Mr.Micro


    i am no expert in any of these areas (so tell me where im wrong or the people iv been listening to are wrong but i am genuinely interested) but this recession is very recoverable with the right leadership (which i dont think we have) according to the independant commentators that i have heard.

    The problem I see is that the country got rich quick on the back of the housing/construction boom and gave us an inflated belief in our wealth. A return to modest growth for a small open economy with less money is probably the best we can expect eventually. We cannot expect to see the sort of silly money that was being thrown around in the boom times for long long time, (unless we find gold in the hills) or if ever again. Unemployment and possibly social unrest may the big problems in the near future.


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    #33
    nesf
    Registered Users Posts: 27,645 ✭✭✭✭nesf


    Mr.Micro wrote: »
    The problem I see is that the country got rich quick on the back of the housing/construction boom and gave us an inflated belief in our wealth. A return to modest growth for a small open economy with less money is probably the best we can expect eventually. We cannot expect to see the sort of silly money that was being thrown around in the boom times for long long time, (unless we find gold in the hills) or if ever again. Unemployment and possibly social unrest may the big problems in the near future.

    In the long run, 3ish% would be doing well year on year. But we're a long way from that at the moment. :(


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