Bleak 2009 as economy faces three-year recession

THE economy is facing a three-year recession as the global outlook worsens.

This will push unemployment up to 12% in 2010, levels not seen since the early 1990s.

A report by Davy Research says gross national product, which measures the total value of goods and services, will decline by 4.1% next year. Rossa White, chief economist Davy Research, says 2009 will be bleak with economic output falling at the fastest pace on record.