As the Eurozone Crisis boils, Ireland's continuous difficulties remain glaringly evident, in spite of the November 2010 bailout.
Ireland's unemployment rate remains in the 14 percent range, where it has hovered for the past 12 months. The country's standardized unemployment rate actually rose one tenth of a percentage point to 14.4 percent in October, up from 14.3 percent in September, reports Reuters.
The number of individuals claiming unemployment benefits rose by 2,700 to 447,100.
These numbers surpassed prior estimates made by five economists polled by Reuters, who forecasted a median range of 443,000 jobless claims for Ireland in October.
Unemployment is at a high at the moment, Mark McCabe, a student at the Dublin Institute of Technology and resident of Dublin City, told IBTimes.
A lot of big U.S. and technology companies that hired lots of people are leaving for cheaper employment because our minimum wage is quite high [at] €8.65.
Unfortunately, this number shows no sign of falling any time soon.
The live register figures are going to be quite volatile on a monthly basis. I would say that the unemployment situation has been stable at a very, very high rate since last September in the 13.9 to 14.8 percent (range) over the past year, said Dermot O'Leary, chief economist at Goodbody Stockbrokers.
Much of this relates back to not only the Eurozone Crisis, but also Ireland's small population of just 4.481 million as of 2010.
Because we've such a small population when a big company leaves and 200 jobs are lost, it can affect the economy in a big way, said McCabe.
Population continues to dwindle as more and more individuals choose to leave the country in search of jobs and steady income.
We are seeing increasing numbers coming out of the labour force, whether going back to education or emigrating. There has also been less firing on a net basis, said O'Leary.
Emigration is a critical problem in Ireland. An estimated 100 people emigrate from the Emerald Isle per day.
Emigration amongst young people and people coming out of college is definitely at a high. Canada, Australia and the U.S. are the main [destinations], said McCabe to IBTimes.
Following this increasing drain, the Irish Times has set up the Generation Emigration (@GenEmigration) blog on its Web site.
This interface is utilized by those who have left Ireland and by those who are currently considering the move due to lack of opportunity. Some use the blog to tell their stories of joy and sorrow in life abroad. Others use it to discuss the sadness of divided families.
Irleland has high hopes for the next year, hoping to ensure a clean break from the EU-IMF rescue program come 2013, according to Reuters.
Currently, Dublin is relying on exports to mend its broken economy and promote expansion.
Unfortunately, these aspirations seem like folly in such a stormy economic climate.