Oxford professor hails Ireland's resilience

An Oxford professo has claimed that our economic situation is not as bad as it looks.

Prof. David Vines listed various reasons in an article for the Financial Times earlier this week. Among them, he believes Ireland is swiftly restoring its competitive edge, and our banking saga is turning a corner.

Fundamentally, he says, Ireland is displaying an "admirable social resilience".

The economics professor believes international trade is crucial to our recovery.

"There is a period of time during which the recovery will be mainly export- and internally-led, and only gradually, as things turn round, will domestic expenditures pick up," he said.

"Look, for example at tourism, which is growing again, very rapidly.

"The oppurtunities that flow on to that to the domestic econmy are important, but it begins from looking outward."