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Irish export gain fails to mask lost jobs
Irish export gain fails to mask lost jobs
| Published: | 8 Feb at 2 PM |
Some 15 months after an international bailout there are indications that Ireland is starting to recover, but the government says that the economy remains stuck in its worst crisis since the Second World War.
The country’s rate of unemployment in January was at 14.2 per cent, close to its highest mark since the 1980s when it last had to cope with similar austerity measures. Only Greece and Spain have a higher rate of unemployment in the euro zone, reports Bloomberg.
Unemployment could rise to 14.6 per cent in 2012, the central bank warned on 2 February, as companies such as Allied Irish Banks Plc and Royal Bank of Scotland Group Plc prepare to cut staff further. Prime Minister Enda Kenny revealed on Sunday that the government is currently finalising policies in order to provide assistance to those at risk of long-term unemployment and to help small companies with loans.
Credit Suisse Private Banking’s head of portfolio strategy Michael O’Sullivan described unemployment as a massive problem for Ireland. He said that the country has the additional restriction of the austerity mantra within the eurozone, which may have contributed towards high unemployment in the short term.
That has been covered up by Ireland’s performance alongside fellow rescue funds recipients Portugal and Greece. Irish bonds have recorded the best returns within the euro region over the last 12 months, as the European Central Bank purchased the country’s debt and investors became more confident about the government paying its debt.
The country’s rate of unemployment in January was at 14.2 per cent, close to its highest mark since the 1980s when it last had to cope with similar austerity measures. Only Greece and Spain have a higher rate of unemployment in the euro zone, reports Bloomberg.
Unemployment could rise to 14.6 per cent in 2012, the central bank warned on 2 February, as companies such as Allied Irish Banks Plc and Royal Bank of Scotland Group Plc prepare to cut staff further. Prime Minister Enda Kenny revealed on Sunday that the government is currently finalising policies in order to provide assistance to those at risk of long-term unemployment and to help small companies with loans.
Credit Suisse Private Banking’s head of portfolio strategy Michael O’Sullivan described unemployment as a massive problem for Ireland. He said that the country has the additional restriction of the austerity mantra within the eurozone, which may have contributed towards high unemployment in the short term.
That has been covered up by Ireland’s performance alongside fellow rescue funds recipients Portugal and Greece. Irish bonds have recorded the best returns within the euro region over the last 12 months, as the European Central Bank purchased the country’s debt and investors became more confident about the government paying its debt.
