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Irish Financial Services Centre - Irish economy is offering the promising sign of growth Photo by: Google Images

Business chief says Irish double dip recession unlikely

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Irish Financial Services Centre - Irish economy is offering the promising sign of growth Photo by: Google Images

For the first time in four years, the Irish economy is offering the promising sign of growth, according to Irish Business and Employers' Confederation Director General Danny McCoy.

Perhaps the only upside to the economy having suffered so  much is that it has the potential to grow, a notion that Mr. McCoy acknowledged with "we have the capacity to grow by twice the European average."

McCoy projects the growth to happen throughout 2012. "There definitely won't be a double-dip recession because the world economy will grow by 4.5% this year and probably the same next year," he explained.

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To accomplish this, McCoy stressed the necessity of having trust in the domestic economy. Thus, he believes that "there should be no austerity measures beyond the €3.6bn already planned by the Government," according to RTE news. Having more austerity could only be detrimental.

Gaining trust back from the public will undoubtedly  be difficult to accomplish, but McCoy states that there is already evidence that the economy is on its way up. Irish businesses, he claims, “have shown that they can increase market share even as global trade falls or stagnates.”

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