Ireland uniquely exposed to reversal of globalisation, IMF warns
Since it acceded to the
World Trade Organisation
in 2001,
China
has surfed the globalisation wave like no other.
The figures are eye-watering. Between 2001 and 2023, Beijing's GDP (gross domestic product) increased from $1.3 trillion (€1.13 trillion) to $18 trillion, while its annual trade in goods jumped from $510 billion to $6.3 trillion.
If you're looking for a northern hemisphere equivalent, Ireland, on a per capita basis, might well fit the bill. There's certainly no other country in Europe that has experienced a bigger transformation in trade and foreign direct investment than Ireland.
More than 900,000 new jobs have been created in the Irish economy since 2012.
READ MORE
The
International Monetary Fund
(IMF), in its latest staff report on the Irish economy, published yesterday, highlights the ongoing strength of the domestic economy and the positive growth outlook, even with the uncertainty created by Donald Trump's tariffs.
But it also warns of the unique threat to growth and prosperity here from the current backlash against globalisation.
'A sustained reversal of globalisation would put at risk the Irish economic model, which has benefited from free trade and capital flows,' the Washington-based fund warns.
Will rent reform make building apartments viable?
Listen |
40:12
It notes that heightened global uncertainty and tariffs, while contained at the moment, are likely to 'weigh on household and business spending decisions'.
Not anything we don't know already, but a reminder that Ireland's economic success has been contingent on global tailwinds that may be about to turn.
In his response, Minister for Finance Paschal Donohoe said: 'I note and share the IMF's assessment of external risks, notably the reversal of globalisation, the ongoing disruption caused by regional conflicts, domestic capacity constraints, and the uncertainty in relation to corporation tax receipts.
'While I acknowledge Ireland's vulnerability to the rise in global uncertainty, our economy has demonstrated resilience in the face of consecutive large shocks.'
On the domestic front, the IMF's report zeros in on supply-side constraints that 'could delay the attainment of infrastructure and housing goals'.
Time will tell.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
42 minutes ago
- Irish Times
Coastal homes: ‘Buyers like the idea of slowing down. It's the combination of green and blue for wellness and lifestyle'
With a coastline that stretches over 7,500km, Ireland is home to many captivating waterfront properties. But despite the length of the coastline, there are precious few buildings with water frontage. 'There's only a certain amount of coast you can purchase, it is finite,' laments Maeve McCarthy of west Cork -based agency Charles McCarthy, who estimates that 60 per cent of its property listings are near the sea. Those with direct access to the water are the Holy Grail. These rare breeds appeal to a wide range of buyers, from remote workers and retirees to overseas investors and city-based professionals looking for a retreat, says Liam McCarthy, senior negotiator with Savills residential and country agency. 'Privacy and space are the top features being sought, with uninterrupted views and energy efficiency, especially for walk-in condition properties, also critical. Homes that combine these features typically command a premium in the market,' he says. According to Savills's 2024 sales figures, direct frontage – that is, a jetty, potentially a beach or land that goes down to the sea – garnered a premium of 26 per cent, while homes with a sea view (not just a glimpse from a top-floor window) commanded an 8.9 per cent premium. READ MORE In Connemara , where 80 per cent of the properties for sale with Matt O'Sullivan Auctioneers are coastal, director Sinead O'Sullivan says those 'on the water or water adjacent can expect up to a 10 per cent lift in prices achieved'. Buyers are also looking for a property that's turnkey and doesn't need any work, says McCarthy. 'Renovation costs are just too expensive,' she says. A Ber rating of B or above is also preferable. For those buying doer-uppers, O'Sullivan can put buyers in touch with local tradespeople and builders to put together a team that understand the environment. 'People are using the water a lot more since Covid,' says Roseanne De Vere Hunt, director of Sherry FitzGerald Country Homes. 'Buyers like the idea of slowing down. It's the combination of green and blue for wellness and lifestyle, to swim, walk on a beach or go for a kayak,' she says. Privacy is the other key selling point. Vendors of non-turnkey homes have a lot of preparatory work to do in advance of the sale, McCarthy says. 'To ensure it passes the building survey, they should contact their agent 12 months in advance, especially if it's been a number of years since it last came to the market. This timeframe gives them the opportunity to apply for any planning retentions needed, as this can take three to four months. Any wayleave issues or rights of ways that need to be mapped should all be done in advance to increase transparency and ensure a speedy sale.' [ Wicklow cottage with picture-perfect views of the Sugar Loaf and sea for €1.695m Opens in new window ] Country homes take longer to sell, says de Vere Hunt. 'The larger ones can take between six and 12 months as there is a smaller pool of people looking at that level. Family members need to see, and buyers may need to travel from overseas to view it,' she says. The selling season is also short. The ideal time to list is in late March to benefit from the full length of the season, but late May or June will also give you a good selling season. Vendors should photograph the gardens and exteriors the summer prior to sale, to be able to have imagery that shows them off at their best. Otherwise wait until the next year, says de Vere Hunt. 'Buyers see in summer and buy in autumn.' Lighthouse illumination at Blacksod An Fál Mór, Blacksod, Ballina, Co Mayo An Fál Mór, Blacksod, Ballina, Co Mayo €595,000, Savills At the most southerly tip of the Mullet peninsula is an architecturally designed home whose full-height glazing frames views of Blacksod Bay, the silver crescent of powder-fine sand at Faulmore Bay beach, Achill Island and the Inishkea islands. Completed in 2021 and set out over one level, the B3-rated residence extends to 268sq (2,890 sq ft). The four-bedroom house is a place where you can fall asleep to the pulse of the lighthouse at Blacksod, where a 1944 weather report played a critical role in delaying the Normandy D-Day Landings. Knock airport is about 123km away. Close to the beach in Ross Moyard Inish Reach, Tievegarriff House, Ross Moyard, Co Galway Inish Reach, Tievegarriff, Ross Moyard, Co Galway €725,000, Matt O'Sullivan High above the water, with sea views from all its front rooms, this three-bedroom, four-bathroom detached property overlooks the Atlantic with views across to Tully Mountain. Extending to 162sq m (1,743sq ft), the C3-rated house is just 800m to Ross Beach . The nearest place to get provisions is Letterfrack, a scenic drive of about 10km away. Moyard is about 5.5km away along Lake Road. Row to the shops in west Cork Lobster Cottage, Raheen, Union Hall, west Cork Lobster Cottage, Raheen, Union Hall, west Cork Lobster Cottage, Raheen, Union Hall, West Cork €695,000, Charles McCarthy Sheltered from the elements on the inner reaches of Castlehaven Harbour and boasting breathtaking views across the water to Rineen Woods and the Victorian village of Castletownshend is a three-bedroom, two-bathroom detached house of 167sq m (1,797sq ft). The D2 Ber-rated property is across the road from the water and a minute's walk from Reen pier and sea wall, where there's a coffee dock and mobile sauna. Castletownshend is about a 15-minute drive away, and a leisurely punt or kayak across the sheltered harbour mouth means you can voyage there in less. Cork airport is a 75km drive away. Pier access from Mountcharles estate The Hall Demesne, Mountcharles, Co Donegal The Hall Demesne, Mountcharles, Co Donegal €1.675m, Crawfords Those with deep pockets and a penchant for the soft burr of the Co Donegal accent can invest in a fine mid-Georgian estate set on 80 acres of ancient woodland that sweeps down to the sea and includes direct access on to Donegal Bay via Jack's pier, known locally as the wee pier, and wee beach at the shore in Mountcharles, about four miles northwest of Donegal town. Originally built for the Conyngham family, who had their main seat at Slane Castle in Co Meath, it was constructed circa 1750. The detached five-bay, three-storey over basement property has sea views through the trees from its front rooms. The six-bedroom residence extends to 558sq m (6,006sq ft), is Ber-exempt and in need of modernisation. It comes with walled gardens, outbuildings and a gate lodge and is within walking distance of the town.
Irish Times
an hour ago
- Irish Times
One of these Aldi rosé wines is made from the same grapes as Whispering Angel
The Sainte Victoire is Aldi 's version of Provence rosé, a wine made famous by Whispering Angel. It is made from the same grape varieties as Whispering Angel but is about half the price. Could you fool your friends into thinking they were drinking Whispering Angel? Possibly, although it is not quite as good. It arrives in Ireland tomorrow. Le Petit Poulet Rosé is made by one of the leading producers in the Rhône valley. It is made from similar grapes to the Saint Victoire; it has a little more fruit, but is still bone dry. Le Petit Poulet Rosé 2024, Rhône Valley Le Petit Poulet Rosé 2024, Rhône Valley 12.5% abv, €8.99 This is very good value for money, with plenty of ripe raspberry and redcurrant fruits. Try it with spicy Asian foods or barbecued chicken or salmon. From Aldi READ MORE Sainte Victoire Provence Rosé 2024 Sainte Victoire Provence Rosé 2024 12.5% abv, €12.99 Fresh and light with juicy strawberry fruits and a dry mineral finish. Enjoy well chilled in the shade, with mixed salads or a Provencal garlicky aioli. From Aldi
Irish Times
an hour ago
- Irish Times
What will €175,000 buy you in France, Portugal, Italy, Greece and Longford?
Ireland: Longford 1 Midara Gardens, Ardnacassa, Longford Inspired by American ranch-style homes, this 1972-built, four-bedroom, two-bathroom system-built bungalow features prefabricated components and is in need of modernisation. It has a D1 Ber rating and extends to 112sq m (1,205sq ft). It is within a few minutes' walk of shops and has easy access to the Dublin Road. Price: €175,000 Agent: Sherry FitzGerald Quinn France, Brittany, Côtes-d'Armor, Gausson France: Brittany While semidetached, this smartly appointed four-bedroom, two-bathroom, semi-longère in Gausson offers great privacy and comes with a terrace and back garden. There's an open-plan living area and bedroom on the ground floor, and three further bedrooms and a study on the first floor. It measures 124sq metres (1334sq ft) and is a 13-minute drive to Loudèac and 25 minutes from Saint-Brieuc. Price: €179,500. Agent: Leggett READ MORE Portugal, Algarve, Silves Portugal: Silves This merchant house has been converted into a series of apartments and studios, retaining its lovely original features and adding stylish contemporary ones such as hand-painted tiles in jewel colours in the bathrooms and stone steps. Located in the heart of the town, just steps from the Roman bridge, this studio space measures about 45sq m (484sq ft). Price: €180,000. Agent: Sea to Sky Italy, Tuscany, Lucca, Pietrasanta Italy: Pietras anta About a kilometre east of Pietrasanta, the Tuscan town known as Little Athens on account of its collection of artists' studios and galleries, this four-bedroom, two-bathroom semidetached house of 150sq m (1614sq ft) can be found. In need of modernisation, laid out over three floors with a small outdoor terrace, it is only 3km from the ritzy resort of Marina di Pietrasanta on the Versilia coast, a view you can see when the haze lifts. Price: €190,000 Agent: Fondocasa Greece, Dodecanese, Nisiros, Nikia Greece: Nikia Near Porta, the central square of the inland town of Nikia on the island of Nisiros is a sympathetically renovated two-bedroom, one bathroom house that extends to 80sq m (861sq ft). Directly accessible on foot only, it has a courtyard on each side of the house and is set out on a sloping site over two floors with the bedrooms on the cooler, lower floor and the kitchen and livingroom on the higher level. Price: €195,000 Agent: Phos Properties
