Professor John McHale:

The effects will be small, and the smaller the deficit, the smaller the effect. Based on a deficit of 3% of GDP, if Ireland's nominal GDP were to increase by 1%, the deficit would be reduced by 0.03% of GDP. It is relatively small. If Ireland's nominal GDP were to increase by 2%, the deficit would be reduced by 0.06%, which is starting to add up and move in the right direction, but it would not be transformative.