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WE'LL TURN THE CORNER; 'Recession ends this year'.


IRELAND'S battered economy will turn the corner from recession by the middle of this year, the Department of Finance claimed yesterday.

Secretary general Kevin Cardiff said the downturn will "bottom-out by mid-year and positive growth will resume".

He added: "Most economic commentators now broadly share this perspective. Some are more optimistic than others. There is mounting evidence economic risks are on the upside."

Mr Cardiff said consumer spending was strengthening again while industrial production and other business activity was also picking up.

He told the Dail's Public Accounts Committee: "The Government's underlying finances are on target and the expectation is the global economy will improve."

The Department of Finance's positive outlook was backed by the Taoiseach last night who insisted the country is "turning the corner" from this crippling recession.

Speaking at the Annual Conference of Chartered Accountants Ireland, Brian Cowen said: "The theme you have chosen for this year's event - Turning the Corner - is entirely appropriate because that is what we are doing.

"The decisive action taken by the Government since the current crisis broke has seen stability restored during 2009."

However, earlier at PAC committee, Mr Cardiff admitted his department's forecasts for 2008 were "dreadful" but he argued everyone else's was too.

He admitted that the department "made mistakes" and failed to forecast the extent of the financial crisis that hit the world in 2008.


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Publication:The Mirror (London, England)
Date:May 7, 2010
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