A timely reminder

Oil spiral to hit boom for €800m - Irish Independent.
Further to the previous post we are reminded just how potentially precarious Ireland's true economic position is and how we are subject to the vagaries of global markets.  IIB Bank chief economist Austin Hughes reckons that every $10 price rise shaves a half percent off our GDP growth.  Even if Irish figures look relatively robust, other economise in the Eurozone and even the US, UK and Japan might start to suffer and induce a global downturn in activity generally.  If that happens, we can hardly expect Ireland to be insulated from such effects given its tiny domestic market and its extreme reliance on export led growth.