PWC predicts recovery in second half of 2010

IRELAND’S economy will not recover until the second half of next year, according to PricewaterhouseCoopers (PwC).

The accountancy firm expects the Irish economy to contract by 8.7% this year, following the 2.3% reduction in output in 2008.

The ESRI, in its last forecast, said the economy will shrink by 4.6% this year, but it is expected to update its expectations tomorrow and is likely to predict a larger contraction.