Budget Deficits & Surpluses: Understanding Fiscal Balances
Student Worksheet
Property bubbles burst and banks teetered on the brink in Ireland after 2008, with GDP contracting 10 percent in two years and deficits topping 30 percent of GDP. An EU-IMF bailout brought pension cuts, frozen wages, and higher VAT, and by 2013 the deficit fell below 7 percent. By 2018 debt-to-GDP dropped from 120 percent to under 70 percent as growth averaged 5 percent a year.
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