InBus_Win09_1-55:InBusiness 1-61 11/12/2009 16:17 Page 28
FEATURE | Finance Report
Getting back
on
track
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2009 has seen Ireland’s economy take a bruising, but what has been done to put the country on
the path to recovery? Stephen Tormey reports.
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2009 WILL GO down in history as a pivotal adjustment, which is underway, will be According to Friends First’s Jim Power this is
year in Ireland’s economic and social prolonged and the economic recovery weak. a readjustment that simply needs to happen.
development. Whether it will be regarded as a The downturn has revealed a weak underlying “The national debt is a huge problem. We are
good or bad year, however, remains to be seen. fiscal position.” currently adding €480m per week to the bill
There were many monumental events That “underlying fiscal position” refers and within two years, if that trend continues,
throughout the year as Brian Lenihan attempted specifically to the country’s spiralling national it would mean that more than our total
to stave off an economic calamity with the debt. At the time the publication was released, income tax-take would go on servicing the
establishment of the National Asset the Government was borrowing almost half a national debt.”
Management Agency (NAMA) to the passing of billion euro per week just to keep the country
the Lisbon Treaty, but the challenge he faced as going but the goal of Government in Budget
an incoming and inexperienced Minister for 2010, so far as Fianna Fáil and the Green Party
Finance is best summed up by the sobering were concerned, was to rationalise the
Economic Survey of Ireland 2009, a tome country’s expenditure by €4bn overall.
published by the Organisation for Economic
Co-operation and Development.
It stated: “The Irish economy plunged into a
severe recession in 2008, following a period of
unsustainable growth. Housing investment has
slumped and large internal economic
imbalances are unwinding, with the effect on
demand compounded by the international
financial crisis and global slowdown. The
28 InBusiness Winter 09
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