Bloomberg suggests the "worst of the global recession is passed"

[feargach]

May 29 -- Japan’s industrial production jumped the most in 56 years in April and India’s economy expanded more than economists forecast in the first quarter, adding to evidence that a global recession is easing.

Output in Japan surged 5.2 percent from March, the Trade Ministry said in Tokyo. India’s economy, Asia’s third-biggest, grew 5.8 percent, more than the 5 percent analysts predicted. Other releases today showed U.K. house prices unexpectedly rose in May and German retail sales climbed the most in four months. In the U.S., a report due later today may show consumer confidence is improving.

The world economy is showing signs of recovery from its worst recession since the Great Depression after central banks and governments cut interest rates close to zero and pumped more than $13 trillion into their economies. The International Monetary Fund nevertheless expects the global economy to contract 1.3 percent this year and some strategists say it’s too early to give the all clear.

As far as Ireland is concerned, I still cannot see any recovery in 2009, except maybe a slight one in December. Our economy overheated too badly in the housing bubble to allow a swift return to growth.

But if the world does recover, Ireland will certainly follow. The only question is how long the time lag will be.

Global demand will probably rise, bringing with it both increased tax revenue from Ireland's substantial exporting companies and increased opportunity for new businesses.

People graduating in 2010 have a quite bright prospect of getting work suitable for their qualifications: rents are low, demand for their skills will likely be higher.

[feargach]

Damn, looks like I picked the wrong crowd for a story of substantive positive economic news. :P

[cactusflower]

Sorry feargach. Do you really believe this ?

[He3]

In Ireland, this can be translated as meaning the debt that had fuelled the bubble has been successfully lifted from the bankers, insurance companies and speculators, and securely yoked onto the shoulders of the private citizens, young and old.

[cactusflower]

That will translate into a collapse in production of consumer goods.

[feargach]

Sorry feargach. Do you really believe this ?

Do I really believe that Japan’s industrial production jumped the most in 56 years in April and India’s economy expanded more than economists forecast in the first quarter?

Well, yes. Shouldn't I?

[MM FF]

sounds good for an FF overall majority in 2012....the Greens have been useful but.....well....y'know......

[seenitallb4]

sounds good for an FF overall majority in 2012....the Greens have been useful but.....well....y'know......

maybe not an overall majority...but not a wipeout either

[Watcher1]

sounds good for an FF overall majority in 2012....the Greens have been useful but.....well....y'know......

Hopefully people's memories will be longer than that. Of course, that is if Ireland sees the benefits of any global turnaround. Even if the rest of the world turns around, we will still be left with national debt that will be more than 3 times the debt we ever had.

And if past performance is anything to go by, the NTMA will not have a clue how to manage the debt. I'm giving them the benefit of the doubt that they did indeed know how to manage it but chose not to on the failed basis that the good times would continue indefinitely.

[seenitallb4]

Hopefully people's memories will be longer than that.......

You are an optimist. The people are a bit lacking in the memory department- they can't remember how they simultaneously whinged about services and took all that SSIA money that could have paid for those same services; they also seem to have forgotten that the opposition (our saviors) were promising tax cuts at the last election when it was clear that there was trouble on the horizon; also I doubt that foremost in their mind would be the massively inflated wages that so many of them received from benchmarking- if it was then I doubt that our currnent fiscal sitaution would be that much of a mystery. This entire situation is akin to a woman feeding a man viagra, dancing naked in front of him, and then when he tries to nail her asking, "What do you take me for?"