‘Economy will fall further 8% in 2009’

THE Irish economy is slowly moving out of the deep depression triggered by a combination of the property slump and the global credit crunch.

The latest Central Bank quarterly bulletin offers little comfort, saying “Ireland’s recovery will be slower than elsewhere”.

Having declined by 3% last year, the economy will fall a further 8% in 2009 and by 2.3% in 2010, it said.