Economy on the rise, but 50,000 job losses forecast

THE economy is on the road to recovery, but the outlook for jobs remains bleak, with 50,000 further losses forecast for 2010.

Bank of Ireland’s latest economic review says GDP growth of 1% is likely this year, followed by a 3% lift next year. A modest decline in job losses is expected next year with some job creation starting to emerge as consumer spending has a more positive impact.

GNP, which excludes profits from the robust multinational sector, is set to decline by 1.5%. For many analysts, this is the best measure of economic performance.