ESRI’s blunt options for an economy that is off the rails

SOME key figures in the latest quarterly commentary from the Economic and Social Research Institute (ESRI) confirms just how far off the rails the economy has gone.

On the public finances, the general Government deficit will be 6.95% this year against the EU requirement of 3%. As the economy goes deeper into recession, next year this figure will climb to more than 10%.

Also of particular concern is the expansion of the general Government debt. In 2009 that is now forecast to hit 47.5% of GDP, up from 24.8% in 2007.