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Irish Economy 2021 thread

Colm

Member
Sure we may as well have a thread for the 2021 Irish economy as we are nearly there

No doubt we will see some eye watering numbers and some savage cuts and Job losses,businesses go to the wall and share prices collapse.

And may as well have a thread to document it all as it takes place.
 
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Colm

Colm

Member
to start



The cost of putting the country under Level 5 Covid restrictions six weeks ago was estimated at the outset by the Department of Finance to be approximately €1.25bn.

This was in addition to a projected budget deficit this year of €21.5bn, announced on Budget day back at the start of October.

Estimates have varied since but the latest guess is the cost of Level 5 could have been upwards of €1.6bn.

Not cheap at all ,so basically a 25bn deficit as we enter 2021
 
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Colm

Colm

Member
Paschal Donohoe in with the banks today

Regarding Job Cuts and the Ulster Bank closure

There isn't a chance of Banks providing the same customer service to joe public after seeing the cost savings during the pandemic

 
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Colm

Colm

Member
Is there going to be an economy in 2021? Lots of people are determined that there won't be :)

There will always be an economy but how savage will the cuts and job losses be is the thing,the wealth hasn't vanished it merely transfers to someone else's pocket.

Will the recession be worse than the last time is what i'm wondering

With Covid & Brexit it could be
 

Coal Gas and peat

Staff member
Moderator
Member
Yeah do You think your area will benefit from it ?

It may well do I would imagine

If everyone is all happy clappy in this together you get nothing......if everyone is bitter and fighting you actually stand a chance of getting something
We lived through over 30 years of checkpoints and blown up roads around here and do not fear it's return........it seems to be some guy down the country who fears he is going to be down money :) and this is the major concern
 

Coal Gas and peat

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Moderator
Member
I would hope more for a new election. If the vaccine is unsuccesful who knows where society will end up.
Me too but Sinn fein love the pandemic and are very much a centre party now attracting flaky support .....chances are a Sinn fein led government would be no different to what's there now with maybe minor improvement in social provision

This is without a shadow of a doubt the worst government Ireland ever had :)
 

Thus

Staff member
Moderator
Member
to start



The cost of putting the country under Level 5 Covid restrictions six weeks ago was estimated at the outset by the Department of Finance to be approximately €1.25bn.

This was in addition to a projected budget deficit this year of €21.5bn, announced on Budget day back at the start of October.

Estimates have varied since but the latest guess is the cost of Level 5 could have been upwards of €1.6bn.

Not cheap at all ,so basically a 25bn deficit as we enter 2021
Back in March we were estimating a 3bil budget surplus, some turnaround in the countries fortunes.
 
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Colm

Colm

Member

Economic forecast for Ireland​

The Commission publishes a full set of macroeconomic forecasts for the EU and its Member States in spring (May) and autumn (November) and publishes interim forecasts updating GDP and inflation figures in winter (February) and summer (July). These forecasts are produced by the Directorate-General for Economic and Financial Affairs (DG ECFIN).
Indicators2019202020212022
GDP growth (%, yoy)5,6-2,32,92,6
Inflation (%, yoy)0,9-0,50,31,6
Unemployment (%)5,05,38,98,7
Public budget balance (% of GDP)0,5-6,8-5,8-2,5
Gross public debt (% of GDP)57,463,166,066,0
Current account balance (% of GDP)-11,35,70,2-1,1



 
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Colm

Colm

Member

Ifac will say Budget 2021 included substantial, permanent increases in spending of at least €5.4 billion. Rather than being temporary and targeted, these will remain after the pandemic, it will say.

“They are also surprisingly large in the context of past budgets — budgets since 2015 have had packages closer to €3½ billion on average. The permanent increases could even be as high as €8.5bn as it is not possible to ascertain the nature of some of the increases in non-Exchequer areas. This reflects ongoing transparency problems in areas outside of the Exchequer that are traditionally not the focus of the Department,” Ifac will say.

The Council will say it is not opposed to a permanent rise in spending in and of itself. The issue is that there is no sense of how the lasting increases will be financed sustainably over the medium term.

The Programme for Government rules out tax increases and spending reductions across large parts of the tax base and existing spending. “The risk is that, instead, these will lead to larger deficits, which will put upward pressure on debt ratios. In addition, there is a risk is that some of the estimated temporary spending increases included in 2021 projections end up becoming permanent,”


 

DS86DS

Staff member
Administrator
Member
House prices are on the rise again, how wonderful. Those jerry-built homes with cardboard walls and built in unsuitable locations such as flood plains by gombeen builders will now put us all a few thousand euros extra out of pocket.

 

Coal Gas and peat

Staff member
Moderator
Member
Monaghan town has exploded with new housing projects in the last 4 months....there is a crane operating again in monaghan town for the first time in over a decade
 
to start



The cost of putting the country under Level 5 Covid restrictions six weeks ago was estimated at the outset by the Department of Finance to be approximately €1.25bn.

This was in addition to a projected budget deficit this year of €21.5bn, announced on Budget day back at the start of October.

Estimates have varied since but the latest guess is the cost of Level 5 could have been upwards of €1.6bn.

Not cheap at all ,so basically a 25bn deficit as we enter 2021
It's a complete mystery, we know they are printing loads of money, but even so, how can this be sustained. 20 bn borrowed in 2020 and the same
again in 2021.
 

Thus

Staff member
Moderator
Member
It's a complete mystery, we know they are printing loads of money, but even so, how can this be sustained. 20 bn borrowed in 2020 and the same
again in 2021.
Cutting back on some farmers benefits for a start would be good. Ye fuckers have been milking the country blind for years.
 
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