Batten down the hatches folks. That's a cumulative decline of 6.6% in GNP. A lot of folks will find a big change and I don't see house prices increasing much soon, cheaper mortgages notwithstanding.
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Report: Recession will continue into 2010
Davy Stockbrokers says it expects the recession to continue into 2010, with unemployment hitting a massive 12% between now and then.
In its latest economic forecast, the company says it expects GNP to shrink by 2% this year, 4.1% next year and 0.5% in 2010.
It says 2009 looks like being the worst period of the recession, with an expected rebound in export growth possibly preventing another sharp contraction in 2010.
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Report: Recession will continue into 2010
Davy Stockbrokers says it expects the recession to continue into 2010, with unemployment hitting a massive 12% between now and then.
In its latest economic forecast, the company says it expects GNP to shrink by 2% this year, 4.1% next year and 0.5% in 2010.
It says 2009 looks like being the worst period of the recession, with an expected rebound in export growth possibly preventing another sharp contraction in 2010.