Even though it’s more than a decade since Bertie Ahern harrumphed his infamous advice — “the boom is getting boomier” — the consequences of the madness epitomised by that phrase, and the “soft landings” and “naysayers” slapdowns too, remain chilling, almost as chilling as the idea that a person in his position could so misjudge reality.
The Organisation for Economic Co-operation and Development (OECD) has warned a disorderly Brexit “could plunge the Irish economy into a recession” and that further surges in Irish property prices could lead to another boom-to-bust cycle.
Head of Public Affairs and Communications at Retail Excellence, Lorraine Higgins today said that the “Irish retail industry has now entered recession based on the fact the industry is experiencing a third consecutive quarter of decline with fifteen of twenty sectors recording decreases in sales revenue”.
A senior Fianna Fáil TD has controversially claimed former taoiseach Brian Cowen and the late former finance minister Brian Lenihan “put country before party” in the decisions they imposed during the economic crash.
Goldman Sachs is betting “Mr Market” is wrong in its recession warnings. While sliding stocks, declining long-term bond rates and higher credit yields are sounding the alert, the New York-based bank’s economics team, led by Jan Hatziusis, is more confident about the outlook for the developed world.
Any Greeks hoping their days of economic pain are over following the latest bailout agreement with international lenders should look to the dire projections from Europe’s three main institutional forecasters for a reality check.