Ireland’s economy may shrink 7 per cent in 2009 according to research from stockbroking firm Davy.
This is a far sharper decline than an earlier forecast of 4.1 per cent and the economy may shrink 4.4 per cent in 2010, it said.
The general Government deficit may rise to “almost” 13.5 per cent of gross domestic product, Rossa White, chief economist at Davy, said in a note to clients.
Bloomberg
