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06/10/2009
Central Bank Forecast Improves
The Central Bank in Dublin has revised its forecast for the economy, predicting a smaller 'shrinkage' than first thought.
The bank says that although a lot of uncertainty remains, the figures suggest the worst of the recession may have passed.
Publishing its latest quarterly economic bulletin, the Central Bank said the economy would shrink by 7.8% this year - an improvement on the 8.3% decline forecast by in July.
A spokesman for the bank said: "Hopes are rising that the downturn in the broader international and European economies may have reached a turning point. However, Ireland's recovery from recession will be slower than elsewhere.
"The bank's latest forecasts suggest that, while the pace of decline in economic activity is moderating, the weakness in Irish economic activity is set to persist into the first-half of 2010."
The Central Bank said it believes that after an annual rate of decline of 8.4% in the first six months of 2009, the pace of deterioration will ease in the second half of the year due to a gradual improvement in the world economy.
"While the economy is continuing to contract, the pace of decline has moderated from the rapid pace evident between last Autumn and this Spring," the spokesman said.
The bank went on to say that based on their expectations of a fall in employment and
outward migration, the unemployment rate is projected to average over 14% for 2010. This will be reflected in a decrease in wages, which the bank believes will tend to fall in the private sector.
(DW/BMcc)
The bank says that although a lot of uncertainty remains, the figures suggest the worst of the recession may have passed.
Publishing its latest quarterly economic bulletin, the Central Bank said the economy would shrink by 7.8% this year - an improvement on the 8.3% decline forecast by in July.
A spokesman for the bank said: "Hopes are rising that the downturn in the broader international and European economies may have reached a turning point. However, Ireland's recovery from recession will be slower than elsewhere.
"The bank's latest forecasts suggest that, while the pace of decline in economic activity is moderating, the weakness in Irish economic activity is set to persist into the first-half of 2010."
The Central Bank said it believes that after an annual rate of decline of 8.4% in the first six months of 2009, the pace of deterioration will ease in the second half of the year due to a gradual improvement in the world economy.
"While the economy is continuing to contract, the pace of decline has moderated from the rapid pace evident between last Autumn and this Spring," the spokesman said.
The bank went on to say that based on their expectations of a fall in employment and
outward migration, the unemployment rate is projected to average over 14% for 2010. This will be reflected in a decrease in wages, which the bank believes will tend to fall in the private sector.
(DW/BMcc)
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Economy slow down predicted by Bank of England
According to the latest economic analysis from the Bank of England, the UK economy will remain weak for the rest of this year. The Bank’s quarterly inflation report indicated that although the economy was expected to begin to recover in 2002 the current pressures on the euro zone economic area were intense.
Economy slow down predicted by Bank of England
According to the latest economic analysis from the Bank of England, the UK economy will remain weak for the rest of this year. The Bank’s quarterly inflation report indicated that although the economy was expected to begin to recover in 2002 the current pressures on the euro zone economic area were intense.
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