Irish government faces major budget crisis |
News - News from Ireland | |||
Written by Hugh McManus | |||
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November 13, 2009: The Irish government, faced by increasing transfer payments, faces a major budget crisis. Unemployment continues to rise and is approaching 14%; social welfare payments have increased by close to 4%. To remain at 2009 levels, the government will have to reduce spending by about €4 billion or about $6 billion; Ireland's annual GDP is about $268 billion. The budget deficit is currently forecast to hit 14% of GDP; the EU has a limit on government borrowing of 3% of GDP. The best the government could hope to achieve is a deficit of about 12% of GDP.
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