Stockbrokers warn credit will be harder to get as economy worsens

CREDIT availability is likely to tighten further this year, according to one of the country’s leading stockbrokers which yesterday lowered its economic forecasts.

Stockbroking firm Davy trimmed its 2008 and 2009 economic forecasts due to the “deteriorating credit and currency environment”.

Davy now expect that real GNP will expand by 1.7% this year, compared with its previous forecast of 2%. Next year it projects growth of 3.4% versus its previous call of 3.6%. GNP or gross national product is the total value added from domestic and foreign sources claimed by residents of a country.