Tuesday, 11 March 2008

Irish Economy, Housing & Bertie's Changing Tune...

Taoiseach Bertie Ahern seems to be changing his upbeat outlook for the economy in Ireland.

On today:

" Ahern has warned of a "hard year" ahead for the Irish economy in his most downbeat assessment to date of the repercussions of the sharp economic downturn in the US...

Mr Ahern said a huge range of companies in the US were facing serious problems, a situation that would have an inevitable knock-on effect on the world economy.

In a specific reference to the effects on Ireland on what many commentators say is a looming recession in the US, the Taoiseach said: "We won't escape that. What we have to try to do is keep up the growth rates...

The comments by the Taoiseach, who was speaking to reporters in Dublin, were part of a response to a question about the live register figures for February, published by the Central Statistics Office (CSO) on Friday.

The figures show that unemployment had increased to 5.2 per cent, the highest level for eight years.

In a wide-ranging reply, Mr Ahern expanded his comments to include what amounted to a sober assessment of the growing difficulties facing the US economy and markets...

Saying he had been observing the international economic situation closely, Mr Ahern pointed to major US companies, including reinsurance companies, that are facing serious difficulties...

In an equally muted assessment of the domestic residential housing market, Mr Ahern said the Government's view had always been that this would have a knock-on effect on the economy, and it was not something that would lead to a quick "bounce back"..."

So hard times ahead for the average punter - it's official!

Well at least Bertie won't suffer, with a salary of €310,000, (not to mention all the brown envelopes,) he earns even more than the President of the US (a country with 300 million people!)

Could only happen in Ireland!

No comments: