Ireland’s economy will continue to grow this year and next, albeit slowly, as the country gradually rebounds from its 2010 banking crisis, Deputy Prime Minister Eamon Gilmore said.
The Irish economy should expand 0.7% this year and see growth of 2.2% in 2013, as foreign investment and international trade improve, Mr. Gilmore said during a question-and-answer session at the Concordia Summit in New York. The country is on track to continue reducing its budget deficit, which is just above 9% of gross domestic product, and will meet its targets this year, he said.
“We have restored our country’s reputation internationally,” Mr. Gilmore said.
Faced with a crippling collapse of Ireland’s banking sector, the government sought a EUR67.5 billion ($86.7 billion) bailout deal from the European Union, European Central Bank, and the International Monetary Fund in 2010. Irish Prime Minister Enda Kenny’s administration remains committed to implementing a program of economic reforms it inherited from the previous government, even as the country suffers from high unemployment, Mr. Gilmore said Thursday.