Ireland is headed for a "creeping, short recession", a top economist has warned.
There are many indicators that the country is headed for a recession including runaway global inflation and interest rates increasing for the first time in 11 years. Finance guru Eddie Hobbs previously warned a "firestorm" recession in Autumn is "likely". The latest survey of Dublin's economy shows the rate of increase is in decline which could result in a "slow down" in the second half of the year.
And the European Central Bank raised interest rates by an unexpectedly high 0.5% last week which will make money more expensive to borrow. However, economist David McWilliams does not foresee our immediate economic outlook being "half as extreme" as the 2008 crash.
