herald

Tuesday 22 August 2017

Germans praise Irish economic recovery

Europe's biggest-selling newspaper has hailed Ireland's economic revival, describing the country as an "economic cannon".

Bild newspaper, which is notorious for influencing Chancellor Angela Merkel's policies and criticising the Greek government, wrote about the 'crazy comeback of the Irish" in a pre-St Patrick's Day article in the paper.

The newspaper noted that growth here was 4.8pc last year compared to the eurozone average of 0.9pc and praised Ireland's decision to repay IMF loans early to save interest repayments of €1.5bn.

"The economy is growing in several areas, from tourism to construction and finance," the newspaper told its 3.5 million readers.

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"The change in fortunes is thanks to the population that made many sacrifices."

Marcel Fratzscher, the head of the DWI economic lobby group, told Bild that the Irish government took "clear, hard and quick action unlike the southern countries".

Ralf Lissek, the head of the Dublin-based German-Irish chamber of commerce, said public sector workers saw salaries fall by 15pc while welfare payments were also cut.

Experts agree that the economy will expand again this year, the newspaper added.

hnews@herald.ie

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