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OECD urges alleviation of Ireland's debt burden
The OECD has said that Ireland would benefit from alleviation in the government debt-servicing burden arising from its retroactive recapitalisation for Irish banks by the European Stability Mechanism. It also pointed out that ireland would benefit from a steady resolution of the euro-area crisis, including the activation of debt-relief mechanisms at the European level.
These comments are contained in the OECD Economic Outlook 2012 published November 27, 2012
In its Outlook the OECD reduced its forecast for growth in the world’s advanced economies in 2013 and warned of a risk of a serious global recession.
It said it expected growth of 1.4 per cent next year in the group of 34 wealthy economies that make up the membership of the Paris-based organisation – down from 2.2 per cent forecast in May – and called for several of its members to step up their policy response.
It is important to note that over the recent past, signs of emergence from the crisis have more than once given way to a renewed slowdown or even a double-dip recession in some countries
Greece is expected to be the worst performer among the membership, with the OECD expecting its economy to shrink 4.5 per cent next year. The Spanish, Italian, Slovenian and Portuguese economies are also predicted to contract over the course of 2013.
The full text of the OECD Economic Outlook may be accessed by clicking on the image below. Details on ireland are contained on pages 138-140