Ireland facing worst crisis of any advanced economy, warns IMF

THE International Monetary Fund says the pressure on the Irish economy is the worst facing any advanced economy in the current global downturn.

In a grim report it says the difficulties facing Ireland “matches episodes of the most severe economic distress in post WWII history”.

It says the loss of economic output (GDP) in the three years to 2010 will be 13.5%, which is extremely gloomy and it presents a bleaker assessment of the difficulties facing the country than the Government’s own analysis.