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Irish Economics - 3/24/16

While many nations continue to be associated with disappointing economic growth, including China, Brazil, Russia and Turkey, there is at least one nation that continues to surprise to the upside – Ireland. 

The Irish economy grew by seven point eight percent last year, making it the European Union’s fastest growing economy for a second consecutive year.  The Irish rate of growth was the highest in that country in fifteen years, and means that Ireland’s economy grew more rapidly than China’s and expanded at more than five times the euro zone average. 

As indicated by Reuters, Ireland has rebounded quickly from a twenty ten international bailout.  To put things into perspective, Ireland’s economy expanded by two point seven percent during the final three months of last year alone.  That pace of growth exceeded America’s rate of economic expansion for the entire year. 

In twenty fifteen, U.S. output increased by two point four percent.  Irish economic growth is expected to slow in twenty sixteen, but is still anticipated to be greater than four percent.  A week euro is helping to boost exports, which in turn is reducing unemployment, which translates into faster consumer spending. 

Anirban Basu, Chariman Chief Executive Officer of Sage Policy Group (SPG), is one of the Mid-Atlantic region's leading economic consultants. Prior to founding SPG he was Chairman and CEO of Optimal Solutions Group, a company he co-founded and which continues to operate. Anirban has also served as Director of Applied Economics and Senior Economist for RESI, where he used his extensive knowledge of the Mid-Atlantic region to support numerous clients in their strategic decision-making processes. Clients have included the Maryland Department of Transportation, St. Paul Companies, Baltimore Symphony Orchestra Players Committee and the Martin O'Malley mayoral campaign.