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The Irish Recovery

Wednesday, 29 May 2013 21:21

Paul Krugman commented on the dubious claim that Ireland's economy is recovering. He noted that its GDP is still well below its pre-crisis level. While this is true, the employment to population (EPOP) ratio might give a better sense of how most people in Ireland might view the situation.


Source: OECD.

Through the end of last year Ireland had actually seen a slightly sharper fall in its EPOP than Greece and Spain, the two countries hardest hit by the troika's austerity agenda. Ireland's EPOP had stabilized by 2011 while the EPOPs in Greece and Spain were headed sharply lower, but it is hard to see much of a recovery story here. At the end of 2012 the EPOP in Ireland was still down more than 10 percentage points from its pre-recession level. That doesn't look like much of a success story.

Comments (5)Add Comment
written by urban legend, May 29, 2013 10:40
Note that they are all down about 10 percentage points, regardless of starting point.
Irish Emmigration
written by Tim Bassett, May 30, 2013 4:05
When looking at Ireland you have to allow for the mass emmigration that has taken place. Speaking English and having well established diaspora networks in all the other English speaking countries has made it easy for people to emigrate compared to the other crisis nations. Since 2009 over 300,000 people have left (about 7% of the population)
why measure from the bubble?
written by pete, May 30, 2013 10:38
This seems to be dubious all around. Ireland is about where Greece was during the bubble. Seems pretty decent. Down from bubble peak of 70%, but that was an error. Greece of course is a trainwreck, having defrauded the European bank with offmarket swaps to gain entry to the Euro, and now wishing out, or at least back to borrow and default, their traditional strategy.
feces into fertilizer?
written by David, May 30, 2013 11:34
This link was posted in the comment section of PK's blog:
World leaders are gathering in the town of Enniskillen for the G8 summit next month.

And to get ready, the town is putting up fake storefronts on shuttered businesses.

That is some shameless behavior from the Cameron crowd.
Leave the Euro
written by Matt McOsker, May 30, 2013 6:43
Greece, Spain and Italy need to leave the Euro. They will never be free until they do. Fiat currency has far greater flexibility.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.