The growth in Ireland's Gross Domestic Product (the market value of all the output produced here) will turn negative in 2008 for the first time in 25 years with only modest growth forecast in 2009, according to a new report from PricewaterhouseCoopers (PWC).
According to PWC, the rate of Irish growth will fall to -1% this year and recover only slightly next year to 0.5%. "Low consumer confidence, higher unemployment and weakening demand from Ireland's main trading partners will continue to have adverse effects on prospects for growth in the Irish economy with the recent reduction in interest rates only a small step towards aiding recovery," said Yael Selfin, head of macro consulting at PWC.
According to PWC, the rate of Irish growth will fall to -1% this year and recover only slightly next year to 0.5%. "Low consumer confidence, higher unemployment and weakening demand from Ireland's main trading partners will continue to have adverse effects on prospects for growth in the Irish economy with the recent reduction in interest rates only a small step towards aiding recovery," said Yael Selfin, head of macro consulting at PWC.
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