Belfast Telegraph

Wednesday 1 October 2014

Population numbers key to economic growth

The European Union has come to the rescue of the Irish economy first as Ireland is the gateway to Europe from the United States.

Ireland has one of the largest economies in Europe, but one of the smallest populations, which means it will be one of the last economies in Europe to recover from recession.

The European Union hopes that, by bailing out Ireland, it will help to revive the economies of the rest of Europe. The reality is that the economies of other European countries are in as much trouble as that of Ireland.

This is simply the bully-boy tactics of the biggest boy in the playground.

Economics is largely a game of numbers and the economy of China will be one of the first economies to recover - given that it has the biggest population in the world.

They will trade with the US, another big economy who will trade with the next biggest economy, the European Union, and so forth.

It could be argued that the last economy to recover within the European Union will be that of the United Kingdom as the European Union will aid those economies fully integrated first, with the United Kingdom not signed up to the European single currency hindering their recovery. On the other hand, the United Kingdom's special relationship with the United States could well play a key role in the recovery of the UK economy.

Population numbers are critical in determining economic recovery in terms of Gross Domestic Product and Gross National Product.

RYAN PADRAIG KELLY

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