Economic recovery could be three years away, says ESRI professor

IRELAND may have to wait another three years before seeing any economic recovery, delegates at the Small Firms Association (SFA) annual conference in Dublin Castle, heard yesterday.

Professor John Fitzgerald of the Economic and Social Research Institute (ESRI) said that the country will recover in time, but if the Government doesn’t reduce the country’s cost base it could be “a long and painful process”.

“Ireland has a future, providing certain things are done. I don’t think there will be a major turnaround this year or next year,” said Prof Fitzgerald, before identifying 2011 or 2012 as the likely date for national recovery.