With another year gone and everyone looking back on the year that was, we at Memorable Moments thought why not look back just a little further than that. It’s always interesting to look back on the last 12 months but it can even more interesting to look back at previous years and the astounding similarities that the news cycle can sometimes deliver.
Below we’ve compiled some of the most interesting stories from a business review 40 years ago as reported in the Irish Independent.
Feel free to click on the images to read the original pages from these dates in all their printed glory.
A Broadening of Horizons
Looking back in hindsight it is of course easy to wonder how and why we thought what we thought. This is brought into particularly sharp focus when viewed through the prism of the national press.
“How could we not see it coming!” they’ll yell but sadly the future is notoriously difficult to predict and in terms of economics the old audict of monkeys throwing darts at a dart board versus the analytical predictions of economic experts comes to mind.
This Irish Independent year review of 1978 is particular glaring, little did they know that just a couple of years later Ireland would become known as “the sick man of Europe”.
The Futures Bright!
“The past year lived up to a lot of its promise in economic and business terms. We could boast the fastest growth rate in Europe; unemployment was falling – even if it was not as fast as was hoped or expected – the IDA was aiming for record numbers of new jobs and profitability was on the increase.”
Unfortunately this growth was fuelled by Euro money and I’m not talking about the single currency.
“Admittedly the stronger growth was achieved with heavy borrowings and there was no shortage of reminders about the gamble that was being played”
This gamble unfortunately did not pay off and the 1980s in the Republic of Ireland was one of the state’s bleakest times.
So Long Sterling
Another major event to happen in 1978 was the decision to break formal links with Sterling.
“By what no-one could predict in the early months was that by the end of the year the momentous decision to break the formal links Sterling would have been made. Bring with it new and formidable challenges”
After joining the ERM in 1979, Ireland was also saddled for much of the 1980s with an overvalued currency, which wasn’t rectified until the 1986 devaluation.
Black Gold Off the West Coast
But at least we knew Oil was on the way!!
“Nevertheless, in the past year we saw the first real hope of oil off the west coast”
Oh if only!! Here’s to a great year ahead and many Memorable Moments to come.