Posted November 02, 2020 11:04:00The Irish economy is in trouble.
This week it registered its worst three-month decline since the global financial crisis.
And it’s not just that.
The Irish have been hit hard by the EU’s trade barriers, the euro crisis and a slowdown in the Irish economy.
The last time the economy was this bad was in 2013-14, when the economy shrank by a quarter, the most since the recession began.
But, even in the face of all this, the Irish government is insisting that a hard Brexit won’t affect the economy.
“The Brexit negotiations have not had a major impact on the Irish public’s outlook for the Irish economic outlook,” the Irish Finance Minister, Michael Noonan, told the Irish Times.
He said that as the economy grows, “the country’s growth rate will rise, but the number of jobs that will be created will not increase”.
The government argues that it will make the Irish more competitive in the global economy and that it would provide jobs for thousands of people in the future.
However, the figures are meaningless.
The EU’s free movement rules and the country’s economic union have helped the Irish with this growth.
In particular, the free movement of people allowed Ireland to export its manufacturing and services sectors, which have contributed to its strong recovery.
In addition, the trade agreements have made Ireland more competitive internationally and the economy has benefitted from the growth in exports.
The country’s manufacturing sector is worth an estimated €6.5 billion ($7.4 billion) a year, according to the latest estimates from the OECD.
That is up from the €4.3 billion it earned in 2017-18.
In its annual report to the European Commission in October, the OECD said the Irish manufacturing sector has seen “significantly” higher growth, with the rise in export volumes in the last year being the fastest in a decade.
But the Irish Government has dismissed these figures as not accurate.
It has claimed that the exports have increased more than the imports and that imports have fallen.
The Government also said that the EU would not give Ireland access to the single market and that Ireland was not a “core member” of the EU.
The OECD’s annual report also said Ireland’s manufacturing exports had increased by almost €10 billion over the past five years, and this has boosted the country to the second-largest exporter of industrial goods in the EU after Germany.
However, in a report on the economy published in March 2018, the IMF noted that this growth was not as significant as the export growth.
The growth of the manufacturing sector, the report said, “remains more of a reflection of the favourable domestic environment for companies, than of any direct impact on Ireland’s exports or the national economy”.
The Irish Government insists that it can continue to export the country, but it faces a challenge.
The country’s trade with the EU is currently at its weakest level since it joined the EU in 2004.
And the EU has threatened to impose a 30 per cent tariff on Irish products, including cars, that are imported from other EU countries.
The Brexit negotiation talks are set to begin in the second week of December, with Irish Prime Minister Leo Varadkar calling the talks “the most important in years” for the country.
The government also says that it is prepared to accept the European Union’s proposal to allow the country into the single-market, as long as it is subject to certain conditions.
The government argues it will only agree to this if the Irish Parliament approves a trade deal with the UK.