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Home > Country Profiles > Ireland

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Financial Outlook

The bursting of Ireland’s property bubble in 2008 plunged the country into recession. The Irish economy continued its ascent from that recession in 2013, and in December it was able to exit the US$117 billion bailout package put in place by the European Union, the IMF, and the European Central Bank in 2010. The economy grew by 1.5% in the third quarter of 2013, and the government has projected growth of 2% in 2014. The unemployment rate fell from 15.1% in 2012 to 12.5% in 2013. However, although Ireland’s economy is showing signs of recovery on a broad front, the large amounts of debt accumulated during its long banking crisis will weigh on growth prospects for some time, the head of the central bank said in January 2014. During the same month, the credit rating agency Moody’s upgraded Ireland’s debt from junk status to investment grade, saying that its economy had growth potential. Moody’s was the only one of three key agencies to have classed the debt as “junk.” Ireland was effectively locked out of international credit markets after its banking collapse and was reliant on support from the European Union and the IMF.

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Further reading on Ireland

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