Everyone knew that the economic boom in the Republic had to come to an end but the severity has taken many be surprise. The Republic’s economy is expected to contract by 0.4% next year and apparently 20,000 people will have to emigrate, if the unemployment rate is to remain under 8%.
The economy in the Republic has made huge strides in the past decade but the property bubble had to burst and it is going to hurt. Ironically, if the Republic had not been in the Euro, it might have been better placed to tame housing demand and spiraling house prices.
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