The irish economy has had a dreadful time since the 2007-08 banking crisis. Output from peak to trough fell by 21% in nominal terms and unemployment rose from 5% to 15%. As house prices plummeted by 47%, the banks collapsed and had to be rescued, which pushed the debt-to-GDP ratio to 123%. The country was forced to enter an eu bail-out programme from which it has only just emerged.
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