Ireland faces recession after Celtic Tiger era

DUBLIN (AFP) — Ireland's so-called Celtic Tiger economy is roaring no more and faces the prospect of a recession after official data on Monday revealed shrinking growth during the first three months of the year.

Ireland has been hammered by the international credit crisis, a housing and construction market collapse, falling consumer spending, record-high crude oil prices and a strong euro, according to analysts.

The threat of a recession will be a major headache for Irish Prime Minister Brian Cowen, who has faced a baptism of fire since his election in May.

Irish voters rejected the European Union's Lisbon Treaty in June, plunging the 27-member bloc into institutional uncertainty. Cowen called the rejection a "considerable disappointment and potential setback" for the EU.

The Celtic Tiger economy was until recently the pride of the emerald isle, and an international phenomenon, having produced a period of double-digit ...