The Irish economy is forecast to contract 8.3% this year, after declining 2.2% in 2008, the latest Quarterly Economic Commentary from the Economic and Social Research Institute showed Wednesday. The contraction for 2010 is seen at 1.1%.
Further, the unemployment rate is expected to average 13.2% in 2009. The think tank forecasts employment fall of 102,800 in 2010 and sees the jobless rate to average 16.8% in 2010.
The institute now expects the General Government Deficit to be 12% of GDP in 2009 but for this to fall to 11.5% in 2010. The forecast assumes full implementation of measures announced in the April 7th budget.
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