OECD Slashes Irish Growth Forecast, Urges Faster Reduction Of Budget Deficit
Written on October 15, 2011 by Wiley Hayden
– Ireland needs to achieve a reduction in the budget deficit faster than required by the IMF/EU bailout programme to help regain credibility in financial markets, the Organization for Economic Cooperation and Development said Friday.
The group urged the government to reduce the budget deficit to below 3 percent of GDP by 2015 and focus spending restraint on public-sector efficiency, welfare reform and scaling back infrastructure projects.
In its Economic Survey of Ireland, the Paris-based think tank sharply cut the country’s growth forecast for next year to 1 percent from 2.3 percent seen in May. However, the projection for this year was raised to 1.2 percent from zero.
Similar Posts:
- Why the Deficit Commission is Doomed to Fail
- Trade balance (Jun): Deficit widens further
- Housing starts (Jan): Weather-related decline
- Inflation data (Mar): Sharp upward drift in annual rates
- Import prices (May): First drop since June 2010 due to lower petroleum prices
