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  1. OECD Economic Surveys: Ireland
  2. Volume 2011
  3. Issue 015
  4. OECD Economic Surveys: Ireland 2011
  5. Chapters
  6. Executive summary
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Volume 2015
Volume 2013
Volume 2011
Issue 015
OECD Economic Surveys: Ireland 2011
Chapters
Basic Statistics of Ireland 2010
Executive summary
Assessment and recommendations
Getting back on track. restoring fiscal sustainability.
Overcoming the banking crisis
Structural reforms to reduce unemployment and restore competitiveness
Volume 2009
Volume 2008
Volume 2006
Volume 2003
Volume 2001
Volume 1999
Volume 1997
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Volume 1978
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Volume 1963
Volume 1962

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Content Provider OECD iLibrary
Organization OECD
Abstract The Irish economy was hit by a severe crisis in 2008, after over a decade of strong growth that propelled Ireland to the fourth highest level of GDP per capita in the OECD. Initially growth was well founded on solid productivity increases. However, during a period of low-cost funding on international markets and low risk aversion globally, the expansion became increasingly reliant on a speculative housing bubble financed by lax bank lending standards and excessive credit expansion that collapsed in 2008 in the midst of the global economic and financial crisis. During the latter part of the boom, the acceleration of wages eroded international cost-competitiveness and the banking system became over-extended and, once the bubble burst, would have been insolvent without state support. Capital injections to help resolve the crisis have resulted in a sharply higher public debt. In the aftermath, households have been hit by wage cuts, job losses, tax increases and falling house prices, though living standards and perceptions of well-being remain high by international standards.
Page Count 2
Starting Page 8
Ending Page 9
Language English
Publisher OECD Publishing
Publisher Date 2011-10-14
Access Restriction Open
Subject Keyword Economics
Content Type Text
Resource Type Chapter
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