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04/12/2008
Recession To Continue Into 2010
Influencial market analysts, Davy Stockbrokers, has revealed a new report showing it expects the recession to continue into 2010.
The report also predicts unemployment to reach a worrying 12% between now and then.
In its latest economic forecast, the company says it expects GNP to shrink by 2% this year, 4.1% next year and 0.5% in 2010.
It says 2009 looks like being the worst period of the recession, with an expected rebound in export growth possibly preventing another sharp contraction in 2010.
Rossa White, spokeswoman for Davy said: "Consumer spending and building investment will fall further in 2010, albeit not as markedly as in 2009.
"The rapid deterioration in the labour market will continue throughout 2009. It is a lagging variable, so unemployment will keep rising in 2010 even if economic activity has reached a floor. We project that the unemployment rate will reach 10.2% by Q4 2009 and may peak at almost 12% at the end of 2010."
Ms White added they predicted a further government cash injection in 2009 to boost markets and pull the economy out of recession.
(DW)
The report also predicts unemployment to reach a worrying 12% between now and then.
In its latest economic forecast, the company says it expects GNP to shrink by 2% this year, 4.1% next year and 0.5% in 2010.
It says 2009 looks like being the worst period of the recession, with an expected rebound in export growth possibly preventing another sharp contraction in 2010.
Rossa White, spokeswoman for Davy said: "Consumer spending and building investment will fall further in 2010, albeit not as markedly as in 2009.
"The rapid deterioration in the labour market will continue throughout 2009. It is a lagging variable, so unemployment will keep rising in 2010 even if economic activity has reached a floor. We project that the unemployment rate will reach 10.2% by Q4 2009 and may peak at almost 12% at the end of 2010."
Ms White added they predicted a further government cash injection in 2009 to boost markets and pull the economy out of recession.
(DW)
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Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.
