Growth in the Irish economy will be much lower than expected this year as it reacts to higher interest rates, a leading international bank predicted on Friday. Credit Suisse says that the growth rate of the Irish economy will drop to 3%.
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Dan McLaughlin, Chief Economist at the Bank of Ireland said that that he does not know where all the negative talk about economy is coming from because he feels that the situation is “very healthy”.
See here.
He was echoing recent comments made by the Bank of Ireland’s chief executive Brian Goggin who warned about the dangers of “talking the country into a recession”.
Mr McLaughlin said that “misleading headlines” in the media were not giving a true reflection of economic reality and were “taking things out of context”.
The comments by BoI's Goggin and McLaughlin are in sync with the sentiment that emerged from a debate we had on the blog sometime back. This debate revolved around the media's incentive to talk down the economy in order to sell newspapers, and the associated woes that can accompany such irresponsible behaviour.
However, one thing that worries me is that the comment by Credit Suisse was the big story over the weekend. What incentive do they have to talk down the economy? Maybe they're just calling it like they see it.
See here.
Dan McLaughlin, Chief Economist at the Bank of Ireland said that that he does not know where all the negative talk about economy is coming from because he feels that the situation is “very healthy”.
See here.
He was echoing recent comments made by the Bank of Ireland’s chief executive Brian Goggin who warned about the dangers of “talking the country into a recession”.
Mr McLaughlin said that “misleading headlines” in the media were not giving a true reflection of economic reality and were “taking things out of context”.
The comments by BoI's Goggin and McLaughlin are in sync with the sentiment that emerged from a debate we had on the blog sometime back. This debate revolved around the media's incentive to talk down the economy in order to sell newspapers, and the associated woes that can accompany such irresponsible behaviour.
However, one thing that worries me is that the comment by Credit Suisse was the big story over the weekend. What incentive do they have to talk down the economy? Maybe they're just calling it like they see it.
1 comment:
IMF and OECD seemed reasonably happy last couple of reviews with the exception of housing. the "bad" forecasts are for 3% growth. Give me 3% growth every year rather than this 10% stuff. the former keeps things going at a good steady pace. The latter leads to turbulence!
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