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Tue 02 Feb 2009Economy to shrink by 6%, predicts Goodbody
THE ECONOMY will contract by 6 per cent this year as the fallout from severe recession becomes “extremely difficult” to manage and Ireland remains vulnerable to external shocks, according to a new report from Goodbody Stockbrokers.
The Government will have to provide further equity to the banking system, while “unpalatable” decisions will have to be made in the form of cuts in social welfare payments, a reduction in the public sector wage bill, tax hikes and a widening of the tax base, according to the report A Rocky Road Aheadby Goodbody economists Dermot O’Leary and Deirdre Ryan.
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