Ireland: good things come to those who wait…

In a St Patrick's Day special, Gartmore's Gervais Williams says despite the decline of the Irish economy, things are starting to look more positive.

There is no shortage of analysis regarding the causes of Ireland’s downturn, but one area worthy of mention is the housing boom. This was exaggerated in Ireland, fuelled by cheap credit and what some might call a national obsession with property ownership. Being more exposed to property than other countries meant the impact of increasing interest rates was disproportionate in Ireland. The decline in the housing market began in late 2006 in Ireland, and new housing starts in particular have gone through a profound change. Construction indicators remain very weak, and it seems this area of th...