 This booming Irish economy will just not stop. It’s unrelenting, even when challenged by forces that normally slow economic growth such as increased inflation and rising interest rates and the sharp rises in the price of gas and oil. It expands ever more in the face of world turmoil and a wobbly stock market, never mind the continuing uncertainty of the US economy.
It’s like some benevolent monster that heedlessly crashes through Irish cities and towns, sweeping up people, buildings and cars only to let them down again gently and in better condition. The cars are newer and more expensive and the houses are smarter and now have architecturally inventive extensions. The people, relieved at not being crushed in its economic fist call back to the monster ‘Thanks booming Irish economy’, before re-adjusting their new clothing and move on.
And all the while the helicopters of economic rectitude piloted by sceptical central bankers and economists whirl around the head of the monster with their gun barrels aimed at it’s forehead, ready to cut it down to size should it suddenly turn nasty, as they think it inevitably will.
The monster economy though, always gets a warm reception from members of the Irish government. They say that it is its friend, its handler and its chaperone. Without their work in the late 80s and early 90s there is no way that it have come to these shores in the first place.
But the monster needs sustenance and at the moment its favourite grub is the continuing, expert defying construction boom and the hordes of Irish people living out the dream with their credit cards.
You can’t ignore exports though, which is calcium for the bones of the monster economy. According to CSO figures for May to June exports are up, which is just as well, as they were down in the first quarter. Also manufacturing is down, and there’s other slipperiness on the road.
But can the monster continue on his happy rampage for much longer, or will the titanium wire mesh of escalating inflation, oil prices and war ensnare his burgeoning girt and bring him crashing to the ground? I don’t know. I’m not an economist; I’m just a guilty blogger with a tendency to indulge my love of verbosity and nonsense.
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