Ireland is heading for a smooth exit from the bailout programme as GDP grows — delivering a huge political and reputational reward for the country, according to the latest Ernst & Young Economic Eye.

THE Irish Republic will not exit recession until 2011 but when it does, growth will exceed that of Britain and the North, according to the Ernst & Young Economic Eye winter 2009 forecast.

THE economy is in the grip of a depression having fallen by more than 10% from its peak during the current slump.

Job numbers in Ireland will not recover to their peak until 2021, according to an all-island economic forecast today.