Economic and Social Research Institute says Irish economy bouncing along the bottom

Toshchiy Imperatritsy Vselennoy

http://www.finfacts.ie/irishfinancenews/article_1024936.shtml

According to the Economic and Social Research institute Ireland's economy is bouncing along the bottom.

They expect Irish GNP (a better measure for Ireland than GDP) to fall in 2012.

Not by much by .2%

The Troika measures how we meet are fiscal targets by GDP which is expected to grow by 1.8%

They expect GNP growth to be positive by 7% but we have heard so many overly optimistic predictions before.

Unemployment is expected to remain to 14.8% at least or increase.

'The economists say that current transfer payments account for almost 42%, while current expenditure on goods and services accounts for almost 40%,
of total underlying (i.e. excluding recapitalisation cost) expenditure. Given that government has no leeway in relation to national debt interest payments, the bulk of the adjustment to current expenditure must come from these two categories of expenditure. Education and health expenditure account for just less than two thirds of current expenditure on goods and services, so that it is difficult to avoid the conclusion that further cuts in these areas are inevitable. '

"Over two thirds of transfer payments arise in the provision of social security and other welfare payments, so it is difficult to see how further reductions in these headings of expenditure can be avoided also."

Do we think the worst has yet to come econmically for Ireland?

And i think people are going to realize we will be in this position ofdebt and austerity possibly for generations.

And no arrests for improper use of govt power relating to finances or inquiries yet.

I am thinking we should all immigrate ....seriously

Dannyboy83

The immediate objective of this government is to reduce the deficit, in line with where it needs to be to satisfy our bailout conditions.
That will last the lifetime of this government, and into the next if they don't succeed, but they just need to ensure we are eligible for further bailouts if necessary.

Trying to regenerate the economy and other objectives will probably be aims of the next government or future governments.
I wouldn't expect any action or movement on that issue during the lifetime of this government.

I understand it as a sort of '5 year plan' approach, with singular objectives.

If I were long term unemployed and I couldn't retrain effectively, then I would absolutely plan on emigrating. Social Welfare is going to be transformed over the several years depending on who gets into power.

I think of the end of austerity is in sight and as long as we can rely on ECB bailouts, we should be fine but of course our quality of life will continue to diminish as taxes increase.

jonsnow

Toshchiy Imperatritsy Vselennoy wrote: »

http://www.finfacts.ie/irishfinancenews/article_1024936.shtml

According to the Economic and Social Research institute Ireland's economy is bouncing along the bottom.

They expect Irish GNP (a better measure for Ireland than GDP) to fall in 2012.

Not by much by .2%

The Troika measures how we meet are fiscal targets by GDP which is expected to grow by 1.8%

They expect GNP growth to be positive by 7% but we have heard so many overly optimistic predictions before.

Unemployment is expected to remain to 14.8% at least or increase.

'The economists say that current transfer payments account for almost 42%, while current expenditure on goods and services accounts for almost 40%,
of total underlying (i.e. excluding recapitalisation cost) expenditure. Given that government has no leeway in relation to national debt interest payments, the bulk of the adjustment to current expenditure must come from these two categories of expenditure. Education and health expenditure account for just less than two thirds of current expenditure on goods and services, so that it is difficult to avoid the conclusion that further cuts in these areas are inevitable. '

"Over two thirds of transfer payments arise in the provision of social security and other welfare payments, so it is difficult to see how further reductions in these headings of expenditure can be avoided also."

Do we think the worst has yet to come econmically for Ireland?

And i think people are going to realize we will be in this position ofdebt and austerity possibly for generations.

And no arrests for improper use of govt power relating to finances or inquiries yet.

I am thinking we should all immigrate ....seriously

I think that we are going to bump along the bottom for at least the next 7 years with everything getting ever so slightly worse all the time

Dannyboy83

http://www.breakingnews.ie/ireland/central-bank-report-shows-eight-more-tough-budgets-mcdonald-568237.html

Opposition parties have said that a new report from the Central Bank confirms that Ireland is in line for eight more tough budgets in order to comply with EU treaty rules.

A paper published by the bank today sets out the steps which will have to be taken by the present and future Governments in order to comply with the EU fiscal treaty.

It said that while fiscal targets remain on track to 2015, many uncertainties prevail, and budget adjustments will have to be made up to 2020 in order to meet EU targets.

8 more austerity budgets! Oh dear, LOL!

I retract my earlier comment regarding the end of austerity being in sight.