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Fri 10 Oct 2007Turning point for economyThe long boom in the Irish economy is drawing to a close. The growth forecasts published yesterday by the Tánaiste and Minister for Finance indicate that the economy has reached a turning point. Over the next three years, the economy will take a step downwards, to an average growth rate of 3.5 per cent a year.The immediate impact of the deceleration in the growth rate will be felt on Budget Day in December. The Budget for 2008 will be tough and for two reasons.