The Mark of Cain
The ESRI’s first forecast pointing to any contraction in the Irish economy was made only at the end of June last year.
This morning’s reports on the institute’s spring quarterly economic commentary (see story here) makes for ghastly reading. A 9.2 per cent shrinkage this year. A 14 per cent contraction over the next three years. Unemployment to reach almost 17 per cent next year. That’s what it was like at the worst period in the 1980s. It’s even gloomier than that, says the ESRI. The landscape it paints is that of an arid dustbowl somewhere in California in the 1930s. (more…)