NCB says GDP will be down 14% by 2010

NCB Stockbrokers says that the Irish economy should survive the current recession if the Government delivers a comprehensive strategy to cut spending and promote competitiveness, business and jobs.

In its latest forecast, the company says GDP will have contracted by 14% by 2010 and unemployment will reach close to 16%.

It also says there remains a lot of uncertainty over the value of land and assets belonging to banks which are to be transferred into the National Assets Management Agency.