Irish Economy: ESRI forecasts recessions in 2008 and 2009; Recommends deficit be held at 5.5% of GDP in 2009 - requiring toughest Budget since 1983
Oct 7th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Irish Economy: The ESRI - - Economic and Social Research Institute - forecasts recessions in 2008 and 2009. It said today that it now expect GNP (Gross National Product) to contract by 1.3 per cent in 2008, down from our Summer forecast of a 0.4 per cent contraction. However, it says it is with regard to 2009 that it has introduced a more severe downward revision. It now expect real GNP to contract by 0.7 per cent next year. The ESRI recommends that the deficit should be held at 5.5 per cent of GDP in 2009, which means that the Budget would be among the toughest budgets since 1983.