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BoI predicts boost in ‘richest’ rating

February 16, 2011

By Staff Reporter

A leading economist, the Bank of Ireland’s Dan McLaughlin, has predicted that Ireland will be the second richest country in the world within three years, surpassing even the U.S.

Despite the recent economic downturn in the South, the average income per head will rank above Switzerland’s by the end of the year, making it the third richest country in the world.

The prediction is based on statistics from the Organization for Economic Cooperation and Development, which ranked Ireland as fifth richest two years ago. with an average annual income of euro 29,490.

Britain did not make the top 10 league of richest countries.

Already, he said that Ireland would surpass Norway this year, making it the third richest country in the world.

Ahead is the U.S. at second and topping the list is Luxembourg.

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McLaughlin’s figures take into account projected population growth and are based on OECD calculations. “If you run it out for three years, with a potential growth rate of 3.5 percent, Ireland’s income increases to $45,000 per head, taking the country above the U.S.”

“By 2005, Ireland will only be surpassed by Luxembourg as the richest country in the world,” he said.

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