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Irish Economy Not As Bad As Previously Predicted

 

Updated : Jun 12, 2009

A leading firm of stockbrokers is claiming that the situation facing the Irish economy may not be as bad as previous forecasts have predicted.

In its latest quarterly economic assessment, Bloxham says it expects the economy to contract by 8.5% this year, but says it could return to growth next year.

It also claims unemployment may peak at 15% rather than the 17% figure predicted in other analyses.

The company's senior economist, Alan McQuaid, claims things are getting better in the US and the UK, which are Ireland's main export destinations.

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