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OECD Economic Surveys: Ireland 2009 Product Image

OECD Economic Surveys: Ireland 2009

  • ID: 1199988
  • November 2009
  • Region: Ireland
  • 133 Pages
  • OECD Publishing

OECD's 2009 review of Ireland's economy. This edition includes chapters covering recent macroeconomic developments and financial stability, rebuilding public finances, getting people into work, and boosting competitiveness and raising living standards.

The Irish economy plunged into a severe recession in 2008, following a period of unsustainable growth. Housing investment has slumped and large internal economic imbalances are unwinding, with the effect on demand compounded by the international financial crisis and global slowdown. The adjustment, which is underway, will be prolonged and the economic recovery weak. Irish banks have come under severe pressure, and major support from the government has been required. The downturn has revealed a weak underlying fiscal position. The authorities have already taken important steps to restore stability, but more will need to be done.

Executive summary

Chapter 1. Restoring macroeconomic and financial stability
-Unwinding imbalances
-Resolving the banking crisis
-Financial regulation and supervision
-Macroeconomic stability and macro-prudential policy
-The housing market needs to be reformed
-Potential output is crucial for the outlook

Chapter 2. Rebuilding the public finances.
-Fiscal conditions have deteriorated abruptly
-Revenues need to be raised and the tax system reformed
-Reducing public spending and increasing efficiency
-Strengthening fiscal rules and institutions

Chapter 3. The labour market: Getting people into work.
-Short-term labour market adjustment
-High levels of unemployment will be hard to cut
-Migration has begun to reverse
-Policies to raise employment in the long term

Chapter 4. Boosting competitiveness and raising living standards
-Competition is weak in some sectors
-The infrastructure has improved but further investment is required
-Education and skills are the key to long-run growth
-Research and development (R&D) activity has increased
-Sustainable development and climate change
-Bibliography -

Annex 4.A1. Progress in structural reform

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