At this year’s Economics Conference, we will discuss in more detail whether these pessimistic outlooks are justified – or whether “this interpretation is widely mistaken,” as Keynes concluded almost a century ago. 1 Ladies and gentlemen, Economic growth is a spectacular phenomenon.
For example, in July growth in credit for consumption of 2 per cent was the highest annual growth rate of credit supply to households since February 2009.14 Year-on-year declines in lending of 6.4 per cent in July reflect the on-going balance sheet correction of Irish corporates.