World Economy

Irish Economy Best in EU

Irish Economy Best in EUIrish Economy Best in EU

Ireland finished 2016 as the best performing economy in the EU for the third year in a row. It is a remarkable turnaround over a relatively short period of time, NewsNow reported. The banking crash in 2008 undermined economic sovereignty, which forced the government to accept a humiliating EU/IMF bailout in November 2010. At the low point of Ireland’s downturn in 2011 borrowing costs had reached 16%; the unemployment rate had peaked at 15.1% and the national debt had soared from a pre-crisis level of 23% of GDP to 120%. Borrowing costs are now at record lows of less than 1%, the unemployment rate is down to 7.3% and the national debt-to-GDP ratio fell below 100%.

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