Economic recovery is holding up in the world’s advanced economies, but the outlook is unsettled due to stalling world trade and worsening financial markets particularly in major emerging economies, according to the OECD’s latest briefing on the economic outlook issued 16 September.
Saint Patrick’s Day is the national holiday of Ireland, an OECD member country. However, the day has become quite a global event and on 17 March the Château de la Muette, the home of the OECD in Paris, turned green, making the OECD the first international organisation to do so for Saint Patrick’s Day.
After three years of sacrifice, hard work and difficult reform, Ireland has fought its way out of the depths of the financial crisis to become one of the fastest-growing economies in Europe and one of the best countries in the world in which to do business.
Ireland leaves the three-year EU/IMF programme of assistance today Monday (16 December 2013). Our economy is growing, our finances have stabilised and unemployment is coming down. Our strategy is working in Ireland, and our people are getting back to work.
Ireland held the presidency of the European Union during the first half of 2013, and good progress was made in key areas, such as the banking union and economic governance, but much remains to be done to restore confidence in the EU, particularly for its citizens.
Ireland Snapshot 2013
Find key economic figures and trends for Ireland from OECD Yearbook 2013
A floor has now been placed under the banking crisis, albeit at a very high cost to the public purse.
The budget deficit for the OECD area as a whole probably peaked at around 7.5% of GDP in 2010. That’s the equivalent of some US$3.3 trillion. A decrease to around 6.1% of GDP is expected in 2011, which will still be high by historical standards. But while the need to restore public finances is a global challenge, the state of government balance sheets varies widely. Economic starting points, causes of deficits and budgetary strategies also vary. Some countries have started down the road of austerity, others are maintaining stimulus and plan to rein in their deficits from 2011.
In December 2010 we asked finance ministers from a broad selection of countries facing different fiscal challenges–France, Germany, Indonesia, Ireland, Korea, Mexico, New Zealand and South Africa–to answer this question: “What actions is your government taking to bolster public finances, while upholding growth and services?”
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