‘Economy like a bird flying on one wing’

CHIEF economist with Friends First Jim Power has described the economy as akin “to a bird flying on one wing” due to its huge exposure to the construction sector and the housing market.

Mr Power said consumers were gripped by irrational exuberance as consumer spending has gone back up to levels reminiscent of the Celtic Tiger at its height.

In contrast to the boom forecasts from the NCB Stockbrokers report, also published yesterday, Mr Power, in his quarterly economic review, warned the boom figures published by economists have very little meaning for indigenous firms struggling to survive.