Daft Property - Irish Property News

Recession damage to Ireland is permanent, says OECD... THE global economic crisis has left deep scars that will take years to heal, but the Government must start now to plan for economic growth, said a new report from the Organisation for Economic Co-Operation and Development (OECD). Highlighting the scale and depth of the recession, the report estimates a permanent loss of 3pc in output (GDP) on average across the 30 countries of the OECD. Unemployment will persist at higher levels than before the crisis. The report said Ireland has experienced a severe set-back in living standards that is "likely to have permanent effects". But it noted that, despite this, Ireland's per-capita income is now close to the average of the upper half of the 30 OECD countries. Structure However, the structure of the Irish economy means real income is 15pc less than output -- the second largest such gap in the OECD. In its review of Ireland's economic policies, the Paris-based thinktank sa...