Jan O'Sullivan (Limerick East, Labour)
Link to this: Individually | In context

Question 61: To ask the Minister for Finance his technical understanding of the term "economic depression"; his views on whether Ireland is on the verge of fulfilling or has already fulfilled these criteria; and if he will make a statement on the matter. [12312/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
Link to this: Individually | In context

There is no universally accepted definition of the term depression, but my own view is that the experience of the 1930s in many countries is an accurate description of the term.

In Ireland after a very long period of sustained growth we are now experiencing a deep recession. As a result living standards will decline significantly and we will all have to adjust our expectations of what can be achieved. The figures published by the Central Statistics Office this morning provide an indication as to the scale of the downturn currently underway.

Notwithstanding the downward adjustment, the Deputy should note that economic activity and income levels in Ireland remain comparatively high by international and historical standards. Furthermore, we must remember that recessions end and that we must now prepare ourselves to be best able to take advantage of the global economic pick-up when it emerges.