Overview of Ireland Economy 2009-2011

Overview of Ireland Economy 2009-2011

Introduction

After the terrible banking crises, and housing crises it has been observed that Irish Economy has returned to positive growth in the year 2011, the economy has been able to achieve such a tremendous growth due certain factors like, Excellent performance of its export sector, increase in demand of domestic products, and effective policies in sustaining of Euro currency.

The progress towards the growth was not easy, as Irish government has to face several challenges, but with the intention of raising the economy and by the support of Europe Union and international monitory fund, and with the implementation of these policies the government has able to decrease their deficit much below it is original state (Szekely, P, I, 2011).

Further, the government and other regulating authorities have tried their level best to increase the consolidation process among other political parties so that at the time of preparing the Budget for the year 2012 external pressure could be managed.

Hence with the betterment of the financial sector of the economy the banking sector has been able to show progressive improvement, with majority of it operation are towards the completion, it is expected that the government is still to receive a loan of 1.3 billion Euro by the start of summer (Szekely, P, I, 2011).

The government of the Ireland is please to know that every aspect of its economy is performing according to the defined plans and policies, and now the main aim is to stay focused in addition, to develop effective policies that could be useful in adapting to future economic and financial challenges (Szekely, P, I, 2011).

Except of financial sector improvement was also seen in other fundamental areas of the country, further, discussion among the stakeholders are held to implement on the introduction of improved water system for the country and also to collect minimal charges from the people. In addition, in the meeting, the decision was taken that all the business and other units will provide the maximum support in the economic development of the country so that the pressure from the government could be released (Szekely, P, I, 2011).

Discussion

The overall economic of the Ireland is observed to be on the positive track for the year 2010-2011, after witnessing the unexpected results in the first half, but a slight decrease in the third quarter as the gross domestic product decline by 1.9%., whereas the exports of the country has able to sustain its performance throughout the third quarter.

The current performance is extremely satisfactory in the current economic condition of the world and due to severe competition within the country, mean while it has been estimated that the overall growth of 0.9 percent, and the gross domestic product (GDP) of 0.3% could be achieved by the end of current fiscal year.

Employment concern

However, despite of the impressive growth in the economy the rate of employment in the country is continuously declining, as by the half-year end, it has decline to ...