‘No recovery in jobs before 2014’

TIMELY cost reductions and strong fundamentals are driving a faster than expected economic recovery, but this will not translate into jobs until 2014 or later.

Ernst & Young’s EFF Summer Forecast suggests GDP growth of 2.8% in 2011 could lift Ireland from 15th to second in the eurozone’s economic recovery league, the greatest recovery rate of any eurozone member.

By the end of this year, GDP growth of -1% will see Ireland rank 15th of the 17 eurozone countries, marginally ahead of Portugal (-1.1%) but well ahead of last placed Greece (-4.8%). The next 18 months should bring steady improvement.