tailieunhanh - OECD Economic Surveys IRELAND

In addition to a general decline, there is evidence from commencement data to indicate that a significant fall in new enrolments across the education sector has already occurred in the Indian market. Commencements by Indian students for the year‐to‐date for June were 22,670, down by 13,300 or 37% over 2009 (year to June) levels of 35,970. This included a fall in higher education commencements of 1,898 students to 3,435, equal to 36% on the 2009 equivalent figure of 5,333. Of more concern is the 86% fall in ELICOS commencements – 950 students in 2010 versus 6,754 students in 2009. This is widely attributable to the negative press about attacks on Indian students in Australia, and changes in visa policy. . | OECD Economic Surveys IRELAND OCTOBER 2011 OVERVIEW OECD Summary The Irish economy was hit by a severe crisis in 2008 after over a decade of strong growth that propelled Ireland to the fourth highest level of GDP per capita in the OECD. Initially growth was well founded on solid productivity increases. However during a period of low-cost funding on international markets and low risk aversion globally the expansion became increasingly reliant on a speculative housing bubble financed by lax bank lending standards and excessive credit expansion that collapsed in 2008 in the midst of the global economic and financial crisis. During the latter part of the boom the acceleration of wages eroded international cost-competitiveness and the banking system became over-extended and once the bubble burst would have been insolvent without state support. Capital injections to help resolve the crisis have resulted in a sharply higher public debt. In the aftermath households have been hit by wage cuts job losses tax increases and falling house prices though living standards and perceptions of well-being remain high by international standards. Since 2008 the government has carried out a very sizeable fiscal consolidation. This effort is continuing. The three-year adjustment programme with financial support from the IMF and EU is on track and has started to tackle the roots of the imbalances. Following comprehensive stress tests the banking system has been recapitalised but the banks still require liquidity support from the Eurosystem. Good progress is being made to cut the fiscal deficit but more needs to be done. Against a challenging international backdrop of contagion risk and uncertainty about the policy of euro area governments on sovereign debt financial-market sentiment towards Ireland worsened considerably but did improve somewhat during the summer. The crisis caused a sharp rise in joblessness and large numbers of young less-educated males remain unemployed. The risk is .