Report: GDP may take up to three years to recover

It could take another two or three years for gross domestic product (GDP) to recover to pre-crisis levels, although unemployment is to remain elevated for a number of years.

Moreover, it could take up to 22 years for house prices to recover while the banks may not return to profitability for another four or five years, a report issued yesterday by the Central Bank reveals.

Ireland’s Financial Crisis: A Comparative Context compares the financial crisis in Ireland with previous, similar crises in Finland, Sweden, Norway, and Japan. The results point to a slow, challenging recovery with only a very gradual improvement in house prices and unemployment.