Irish Economy: ESRI says €15bn savings required for deficit target of 3% by 2014; Preferable to extend deadline to 2016
Oct 21st, 2010 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Irish Economy: The ESRI (Economic and Social Research Institute) says today that using its low growth scenario for Ireland's economy that was published by the Institute last July, to achieve a deficit of 3% of GDP (gross domestic product) by 2014, savings of up to €15bn would be required -- double the sum agreed when Ireland and the European Commission settled on 2014. The Institute says in its Quarterly Economic Commentary, Autumn 2010, that it would be preferable to extend the deadline to 2016.