Recovery already under way, claims IBEC chief

IRELAND’s recovery is already happening, despite a very low general public awareness of where the growth is actually taking place, according to IBEC director-general Danny McCoy.

The employer group chief blames this low awareness on the damage to the Irish psyche caused by Ireland’s EU/IMF debts, and the fact that many Irish people’s lives are not impacted upon by the 9% surge in Irish exports in 2010, quite simply because this domestic growth is only visible overseas. Mr McCoy said: “Some 80% of Irish output is exported to overseas markets. Exports rose by 9% last year and look like growing further this year, greater than anything we saw during the Celtic Tiger years. Some industry sectors have grown by 12%-14%, but the burden of Irish debts has damaged the Irish psyche.

“In the real economy, Ireland is running a balance of payments surplus. Our destiny is in our own hands. Yes, because of the economic changes, there is an adjustment in living standards, but the average household income is still around €45,000.