The European Commission has delivered a broadly positive assessment of Ireland’s economic future in the near term, predicting a return to stable economic growth accompanied by a moderate increase in the budget deficit.
Assessing the updated Stability Programme of Ireland, the Commission forecast that the economic growth rate is expected to gradually return to a level of around 5% by 2005/2006, and is likely to remain at this level for the medium term.
On the budgetary front, the Commission envisaged a moderate increase in the fiscal deficit to 1.2% of GDP on average over the years 2004 to 2006, largely as a result of falling revenues which are unlikely to be counterbalanced by cuts in expenditure.
The Commission also noted that Ireland’s overall debt ratio remains one of the lowest in the European Union, currently standing at 33% of GDP.
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