The long-established Irish political system received a major wake-up call last weekend, with the emergence of scores of candidates without a semblance of a coherent economic or social policy between them, other than to refuse to pay for vital public services and tax those with any semblance of wealth to the hilt.

Many statistics can be identified to demonstrate the remarkable collapse that occurred in the economy since 2007, but the property and construction sector provide the most vivid and frightening examples.

Although Ireland formally exited the troika bailout programme last December, and has subsequently seen its sovereign debt upgraded and has successfully re-entered the bond markets at historically low borrowing costs, the country is still subject to external surveillance.

One of the significant features of Irish economic performance over the past couple of decades has been the unbalanced nature of regional economic growth and development.

The week after Easter has become synonymous with teacher and medical conferences, and some excitement is always promised.

Only the most stubborn amongst us would deny that things are once again starting to move for the Irish economy.

This week the employers’ body Ibec produced the most positive economic outlook we have seen thus far.

The release of data a couple of weeks back showing that Irish GDP contracted by 0.3% last year was very disappointing and it did bring a reality check.

I have always believed that at best, economic forecasting is a hazardous exercise and at worst it is a total waste of time.

The interpretation of Irish economic data is difficult at the best of times, due to the very significant multinational presence in the economy, the various accounting techniques they utilise, and the manner in which they retain or repatriate profits back to the home country.