Irish Economy: Ulster Bank says GNP to fall 4% in 2009; Modest recovery in 2010; Deflation for first time since 1946; 85,000 more job losses
Nov 17th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
Irish Economy: Ulster Bank says today that Ireland's GNP (Gross National Product) will fall by 4% in 2009, to be followed by a modest recovery in 2010. Deflation for first time since 1946 forecast in 2009 and 85,000 job losses. In a blunt and spoof-free appraisal, Ulster Bank's economists say that the government has failed to communicate the seriousness of the fiscal situation, blurring it by the complexity of the budget day decisions, and by yielding to public pressure for changes. They say that the likely 2010 deficit could be as high as €14.5 billion, instead of the €9.3 billion official forecast.