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Economic Forecast

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.

As the 20 group of the world's wealthiest counttries prepare to meet later this week, Social Justice Ireland believes that the endless focus on economic growth while failing to address issues ranging from sustainabiility to fair distribution to changing the basis on which a deeply flawe

The latest Central Bank Quarterly Bulletin has produced growth predictions that are substantially lower than those contained in the Government’s Budget. This brings the Government’s other predictions into serious question. Readers will recall that Social Justice Ireland predicted this would be the case when the Budget was published.

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