Economic recovery in 2010, says expert

THE Irish economy is resilient and will start to recover in 2010 according to the economist who originally dubbed Ireland the Celtic Tiger.

Kevin Gardiner, currently market strategist with HSBC, said the current economic slowdown was due to the explosion in the housing market over the last 15 years.

That adjustment will take time and, as a result, he said that segment of the economy was fragile and warned house prices would continue to fall and show no signs of picking up anytime soon.

Despite the setbacks the economy will survive because of the strong entrepreneurial culture, our low tax regime and the continuing inflow of foreign direct investment.