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Economic Forecast

The OECD and the Irish Fiscal Advisory Council have both published reports outlining the significant challenges ahead for Ireland and Europe in terms of economic recovery.  The publication of these reports reinforces the need for long-term planning to be at the heart of policy making in order to deliver the services and infrastructure that will be required in the years ahead. 

The Irish Fiscal Advisory Council Fiscal Assessment Report November 2014 assesses Ireland's Fiscal Stance, Macro Economic Forecasts and Budgetary Forecasts.

OECD Economic Outlook 2014

The Government of Ireland published a Medium Term Economic Strategy in Deceober 2013.

The announcement by the Central Statistics Office (CSO) that  Ireland is in recession confirms Social Justice Ireland's claims in its recently published Policy Briefing on Budget Choices 2014 that the growth forecasts most recently set out by the Department of Finance are not credible

In the latest edition of its publication ‘Quarterly Economic Observer’, NERI (the Nevin Economic Research Institute) focuses on the specific details of an alternative budgetary strategy in the Republic of Ireland for the year 2013. The crisis in unemployment continues as the level of real domestic demand stays constant or is in decline. There is evidence of rising income inequality and consistent poverty.

The Government has reduced its growth forecast for 2012 from 1.3% to 0.7% and for 2013 from 2.4% to 2.2%. The revised forecasts were outlined in the  Stability Programme Update- April 2012

Is the Irish Government’s economic outlook for the period to 2015 credible given the Central Bank’s most recent forecast on economic growth? Social Justice Ireland has serious doubts in this regard.

The EU Autumn Economic Forecast makes stark reading for Ireland and poses serious questions about Government’s reliance on exports as the basis of Ireland’s recovery.  It also calls into doubt the basis on which Budget 2012 is being developed.

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