IMF: Ireland to be only bailout country not in recession

The IMF has said Ireland is in a bumpy recovery with core European economies contracting this year, but Ireland will be the exception.

In its world economic outlook, the organisation warned that insufficient action by European leaders will lead to a further escalation of the euro area crisis and resolving the issues requires progress toward banking and fiscal union.

The report suggests that cutbacks need to be balanced with measures that support growth.

The IMF said that Ireland will be the only bailout country to post economic growth this year, expanding by 0.4% this year and 1.4% next year.

The figures are a little below what the Government was predicting a few weeks ago and also some the EU and ECB forecasts.

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