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Cinnamon patrol

Mr and Mrs Lili Wedding

 

When economies go bad...

More bemoaning the Irish economy, this time from a new report by the IMF.

From http://www.independent.ie/business/irish/long-painful-road-to-recovery-lies-ahead-1789196.html:

The IMF says: "The economy is in the midst of an unprecedented correction. The stress exceeds that being faced currently by any other advanced economy and matches episodes of the most severe economic distress in post-World War II history."

The report also warns that Ireland has become the most expensive place to do business in the eurozone.

Even if action is taken, there will be no early return to growth. "The correction of distortions induced by the nexus of property and financial developments will further pull down potential growth in the immediate future, before it rises back to a 2pc range by the close of the forecast period in 2014," it says.

Emphasis mine.

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