ESRI holds growth forecast at -8.9%

THE Economic & Social Research Institute (ESRI), the government-funded think tank, has held its growth forecast steady at -8.9% for 2009, for the first time since this recession started to hit home in 2008.

“The broad conclusion to be drawn is that the size of the recession is becoming clearer,” said the ESRI.

In effect, it means that the pace of the recession is slowing down significantly.