Economy to shrink by 4.7%: Central Bank

[NewsBot]

The Central Bank has revised down its forecasts for the Irish economy this year and is now predicting a deeper contraction of 4.7%, compared with a decline of 0.9 per cent forecast last October.

More from RTE News. / More from The Irish Times.

[HarshBuzz]

John Hurley should be sacked immediately without benefits

how on earth can his position be tenable when their forecast, made a mere three months ago, turns out to have been so pathetically incorrect

highest paid Central Banker in Europe? he encapsulates what a laughing stock this country now is

[dsmythy]

How would that contraction compare with other EU countries projections does anyone know?

[locke]

The IMF were forecasting -2.8% for the UK and that was described as the worst performance among the world's large economies.

I would imagine that there are a few developed countries out there worse off than us - Iceland, Latvia, maybe Lithuania.

[dsmythy]

The IMF were forecasting -2.8% for the UK and that was described as the worst performance among the world's large economies.

I would imagine that there are a few developed countries out there worse off than us - Iceland, Latvia, maybe Lithuania.

Compared to say the old EU-15 then we must be performing particularily shocking.

Just a thought if excuses are made about the global recession being the sole reason for Ireland's large projected economic retraction by the men in power for the last, wow, it must be nearing 12 years at this stage.

[kerrynorth]

Take there latest for forecast of -4.7%, double it, and then you will be a lot closer to what is actually going to be the outturn.

[Eorna]

Countries like Sweden, Norway, Finland, the Netherlands, are going to have mild recessions ( as of current forecasts), they are not run as PD/FF free for all, where borrowing replaces work and savings. There are really three camps in this global recession. Ireland, Spain, America, Britain in one, are the trigger groups, who have pushed the situation to the current crisis point. in group two are countries like the Asian tigers and Germany who are having major declines, due to the ceasing up of the export markets, and I think once we see the export figures for the 1st Qtr 2009, from Germany and China, that we will have a major sell off. In group 3 are economies like the first ones mentioned, who were reasonably cautious but will be pulled down with everyone else.. Group 1 to be hammered, China to be hammered and group three to come out of recession first

I think -4.7 will be optimistic, add another 2-3 percent on to that

[politicaldonations]

John Hurley is a joke. The man was saying today we have been paying ourselves too much. He is responsible for financial stability of economy so he should show some leadership and decline 50% of his ridiculous salary for coming years. He is best finance minister in EU despits having least important and easiest job. No wonder this country is a fooking laughing stock around Europe, Banana Republic.

[revereie]

There are really three camps in this global recession. Ireland, Spain, America, Britain in one, are the trigger groups, who have pushed the situation to the current crisis point .... I think -4.7 will be optimistic, add another 2-3 percent on to that

Hmmm ... I didn't know Ireland was a cause fo the global recession - missed that one. I also don't see any rationale for your 2-3 % add-on, care to back that up ?

[Watcher1]

The Central Bank has revised down its forecasts for the Irish economy this year and is now predicting a deeper contraction of 4.7%, compared with a decline of 0.9 per cent forecast last October.

More from RTE News. / More from The Irish Times.

And why should we believe any official figure/prediction at this stage?