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Investing

Ireland Looks Forward to A Tough Year

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By Paul Ausick Published

Ireland’s central bank has lowered its forecast for the country’s 2012 GDP growth from 1.8% to just 0.5%. The bank also forecast that GDP growth in 2013 would reach 2.1%.

Bloomberg News cites a bank statement:

The slowdown in the external environment has occurred against the background of an intensification of the sovereign debt crisis, the effects of which has now broadened beyond the financial system to the wider economy.

Personal spending in Ireland is expected to fall -1.5% in 2012. Exports, originally forecast to rise 5.2%, are now expected to increase by 3.9%. The country’s unemployment rate is forecast at 14.6%.

The austerity regime that Ireland adopted has not helped the country recover, and there’s nothing expected in 2012 to turn that around.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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