ESRI issues wake-up call on the economy

THE government’s think tank, the ESRI (Economic and Social Research Institute), has issued a blunt wake-up call on the economy.

Not since the 1980s has growth in the economy relied to such a degree on internal consumption. That’s fine, so long as consumers pig out on the Celtic Tiger, but that may be about to end.

The failing contribution of exports to growth, falling productivity, rising wage costs, and the loss of multinational jobs are all trends that worry the ESRI.