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06/02/2009
Expect Living Standards To Fall Says Taoiseach
Taoiseach Brian Cowen has said the public will have to accept a fall of at least 10% in their living standards over the coming years.
Speaking at the Chamber of Commerce AGM in Dublin yesterday evening, Mr Cowen appealed for people to show solidarity in the face of the current economic crisis.
According to a study in 2005 by the United Nations Development Index, Ireland had the highest standard of living in the EU in terms of life expectancy, literacy, and education among others.
However, the recent economic crash has hit Ireland much harder than its European neighbours as the failures of widespread banking mismanagement, over-zealous credit for construction and over dependence on foreign investment begins to carve its chunk out of the economy.
Mr Cowen added that despite the sharp fall in living standards to come, people would still be better-off in comparison to previous Irish generations.
He received a standing ovation from the hundreds of guests attending the Dublin Chamber of Commerce function.
(DW/BMcC)
Speaking at the Chamber of Commerce AGM in Dublin yesterday evening, Mr Cowen appealed for people to show solidarity in the face of the current economic crisis.
According to a study in 2005 by the United Nations Development Index, Ireland had the highest standard of living in the EU in terms of life expectancy, literacy, and education among others.
However, the recent economic crash has hit Ireland much harder than its European neighbours as the failures of widespread banking mismanagement, over-zealous credit for construction and over dependence on foreign investment begins to carve its chunk out of the economy.
Mr Cowen added that despite the sharp fall in living standards to come, people would still be better-off in comparison to previous Irish generations.
He received a standing ovation from the hundreds of guests attending the Dublin Chamber of Commerce function.
(DW/BMcC)
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