FX.co ★ The Irishmen were predicted to emigrate due to recession

Emigration from Ireland will gather pace and exceed the worst values of 1980-es when the country faced the downturn last time. It was reported by Bloomberg with reference to the Dublin Institute for Economic and Social Research.
By April 2012 the population of Ireland will reduce by 100 000 people because of emigration. For comparison, in 1989 when the emigration from the country reached the maximal level – 44 000 people left Ireland. According to the data for 2010, 4,47 mln. people were living in Ireland. For 9 years by 2008 400 000 people had immigrated to the country. However, now the labor market has reduced significantly in the country and the unemployment is fixed at 13,5%.
The debt crisis which covered a lot of EU countries sharpened in Ireland in November 2010. At first, the country’s government asserted that Ireland was going to handle it by its own forces, but later it accepted the help from the European Union and the IMF. In late November it was decided to give loan to Ireland in the amount of 85 billion Euro. In the coming 4 years the country is planning to cut the budget deficit by 15 billion Euro. It is supposed to be implemented by reducing the state expenditures and new taxes introduction. As a result, the minimal salary rate will fall in Ireland and 25 000 work places of the public sector will turn out to be under threat.
Relying on the Institute forecast, the Irish economy is to advance by 1,5% in 2011 and by 2,25% - in 2012.