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‘Gradual’ recovery in 2010 – Hurley

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Leadership

‘Gradual’ recovery in 2010 – Hurley

05.06.2009
The Governor of the Central Bank John Hurley has said that Ireland’s economic recovery will be gradual, but will begin in 2010.

Speaking on RTE Radio, Hurley (pictured) acknowledged that 2009 would be tough for the country: “We know we are going to have a very difficult 2009, with significant contractions."

However, he said recovery would come in 2010, although it would be extended and gradual: “Our recovery is going to take time and it will be gradual, but we’re expecting to see the benefits of that in 2010.”

Hurley said that since the collapse of Lehman Brothers in September 2008, the world has witnessed significant shocks that have translated into a deep recession, significant curtailment in output, and a major impact on the trading environment globally.

It would, he said, take time for this to work its way through and recover.

Hurley warned that while caution was needed when forecasting, there are some signs in the 'soft' data globally of a “bottoming out” of the economic crisis.

However, he added that confirmation from 'hard' data would be needed before we could be confident that the corner has been turned.

 

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