This week's Economist magazine has a highly-recommended and comprehensive overview of the current contraction of the Irish economy. Their Economist Intelligence Unit expects Irish GDP to decline by a substantial 2.5% over 2008. While in 2009 and 2010 they forecast further contractions of 2.3% and 0.5%, respectively. Factors that will negatively impact on purchasing power and consumer sentiment are falling employment levels, rapidly rising joblessness, strains in the banking system, further tax increases and the negative equity due to declining house prices.'The Tiger Tamed', The Economist, 20th November, 2008
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