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Tue 05 May 2009Public sector reform
THIS YEAR economic activity is expected to contract by 9 per cent. In 2010, according to recent estimates by the Economic and Social Research Institute (ESRI), output per head will have fallen back to the 2001 level. This unprecedented contraction has involved major and painful economic adjustment, in the form of pay cuts, job losses, business closures, and worries about the solvency of many private sector pension schemes.
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