Since 2008 Ireland has experienced a severe banking and fiscal crisis and, linked to that, considerable fiscal consolidation, which has had an impact on all parts of the Irish economy and society. This DAC peer review of Ireland's development co-operation takes place as the country is getting back on its feet (OECD, 2013). Structural reforms and fiscal consolidation have helped to rebalance the economy, which is recovering gradually, and underpinned a successful return to the sovereign bond market at declining costs. Gross national product (GNP) is estimated to have grown by 3.3% in 2013. According to Ireland's Economic and Social Research Institute, "this shows an economy that is recovering quite vigorously" (ESRI, 2014). GNP is expected to grow by 3.5% in 2014 and 3.7% in 2015 (ibid).