European Commission says end of Europe’s recession in sight; Job cuts in two years to wipe out gains since 2006; Ireland facing deep recession
May 5th, 2009 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The European Commission said on Monday, that the end Europe’s recession is in sight. The brighter outlook came as the Commission sharply cut growth forecasts, warning that job cuts in the next two years would almost wipe out gains in employment since 2006. The Commission said Ireland is facing a protracted and deep recession, with GDP projected to contract further, by around 9% in 2009 and 2½% in 2010.