In the Nordic countries, the recovery took between 10 and 22 years, while house prices have not yet recovered to pre-crisis levels in Korea and continue to decline in Japan. Overall, these graphs suggests that economic activity in Ireland will recover only gradually and that it may take a long time before house prices return to their level in 2007.
Public debt and deficits Another, related consequence of a financial crisis is a sharp deterioration of government finances. Nowhere have the consequences for public finances of the financial crisis that started in 2007 been more apparent than in Ireland. However, the Irish experience was not an outlier.