Central Bank predicts 7% economic decline this year

The Central Bank has significantly revised its projections for the Irish economy, painting an even more pessimistic picture of the prospects for this year.

The bank now says it expects the economy to contract by 7% in 2009, with unemployment rising to almost 12% this year and 14.4% in 2010.

It says the economy could stabilise next year before returning to growth in 2011, but only if there is a recovery in the global situation.

The bank says the Irish economy is experiencing a deep recession that started with the property crash, accelerated with the banking crisis and has been worsened by the recession in most of the countries that buy our exports.

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