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Tue 10 Oct 2008Excessive tax increases run risk of deepening the recession
BUDGET 2009 OPINION:A multi-year plan is needed to restore stability to the Government's finances, writes Philip Lane
BRIAN LENIHAN must design his first budget against a backdrop of an extraordinary economic decline, with an even more extreme deterioration in the fiscal position. In 2007, GDP grew at a very respectable 6 per cent rate. According to last Friday's Central Bank forecast, GDP will fall by 0.8 per cent in 2008, with a further contraction projected for 2009.
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