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These international problems could seriously wreck Ireland's economic plans

The Department of Finance is predicting big growth, but only if everything goes as it wants it to.

WHILE IRELAND’S TWO biggest parties continue to bicker over water charges, there could be major problems around the corner for the economy.

The new Stability Programme Update – published yesterday by the Department of Finance – points to problems brewing around the world as things that could derail financial predictions.

The document upwardly revises predicted GDP growth for this year to 4.9%, a jump of more than half a percentage point of what was penciled into Budget 2016 last October.

This is only if (and it is a big if) everything goes to plan, with uncertainty about the state of play internationally being described as “higher than at any stage since the height of the financial crisis”.

High on the list of things that could drag predicted growth off track is the looming possibility of Brexit. Back in November of last year the ESRI, a group that provides economic advice to the government, warned that there would be a “significant economic impact” if Britain votes to leave the EU in June.

Sterling has been taking a hit since the start of the year, and while that might be good news if you’re planning to take a trip to the North, Ireland’s economy would be more exposed should the UK exit.

Another major issue are the world’s ‘Emerging Market Economies’ or EMEs – of which China is by far the biggest.

The economies included under this umbrella have been increasing their share of the world’s GDP in recent years, and the document today warns that any “sharper-than-assumed slowdown” could create a “significant headwind” for the global economy.

At home there are also a few things worth keeping an eye on.

The reports points to an over-dependence on the high-tech sector and possible difficulties around having an export-led economy as concerns. 

Read: These are 5 things that could wreck Ireland’s economy all over again

Also: There are few clouds on the horizon for the Irish economy right now

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    Nov 27th 2024, 10:51 PM

    Congratulations to all.

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    Nov 27th 2024, 11:08 PM

    Butterly (Stardust owner) did what he often did in situations like this: he turned to people he knew in Fianna Fáil to help him. ‘We were all Fianna Fáil-ers,’ he said. ‘What you had these people [politicians] for was to help get things. If you wanted to know something about your business or you wanted someone who could do something, you didn’t get answers by writing into the papers. You asked these people.’ And you wonder why the truth was covered up for over 40 years….it’s just how this country is run.

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    Nov 27th 2024, 11:11 PM

    @Anthony Curran: Ps kudos to the book’s authors. A riveting and chilling read.

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    Nov 27th 2024, 11:25 PM

    Only today had another conservation with someone over major decline in younger lot actually reading books due to bloody smartphones. Attention span seriously f’d,, anything longer than a tik toc clip causes anxiety. It’s great achievement plus encouraging to see younger authors able to apply and blow it out of park. Congratulations.

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    Nov 28th 2024, 12:31 AM

    @Padraig Leahy: Well said Padraig..well said

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    Nov 28th 2024, 8:12 AM

    @Padraig Leahy: you say it best, when you say nothing at all.

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    Nov 28th 2024, 8:40 AM

    School children and above age should read the Last Disco to get it into their heads how people power won against a corrupt litany of self serving Government who simply wished not only the 48 victims but hundreds of their relatives would just go away.
    Great Book well deserved prize winner

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    Nov 28th 2024, 1:33 AM

    Spoofer

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    Nov 29th 2024, 9:55 AM

    Thank you all at Journal staffers and ex staffers the helped tell the story of our loved ones last hours, and the fight for justice. I have to say, though I am still on the first chapter…. to many bad memories coming back, I’m sure I will finish it some time later, but Congratulations all

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    Nov 28th 2024, 4:10 PM

    Congrats, folks!!

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