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NI enduring "worst ever" slowdown NI enduring "worst ever" slowdown
(20 minutes later)
A report on the economy indicates that Northern Ireland is in the midst of its worst ever slowdown.A report on the economy indicates that Northern Ireland is in the midst of its worst ever slowdown.
The report, by accountants Ernst and Young, claims the all-island economy will shrink by 7% this year.The report, by accountants Ernst and Young, claims the all-island economy will shrink by 7% this year.
It adds that Northern Ireland and the Republic could still be twelve months to two years away from economic growth.It adds that Northern Ireland and the Republic could still be twelve months to two years away from economic growth.
One of the report's authors says that while there are some signs of recovery, there is a possibility of a "double-dip" recession.One of the report's authors says that while there are some signs of recovery, there is a possibility of a "double-dip" recession.
A "double-dip" recession occurs when the economy contracts after a quarter or two of economic growth.A "double-dip" recession occurs when the economy contracts after a quarter or two of economic growth.
If that does happen, it is sometimes a sign of a deeper and more prolonged recession.If that does happen, it is sometimes a sign of a deeper and more prolonged recession.
Oxford Economic's Neil Gibson, who contributed to the report, said that while there has been a slowdown in the rate of job losses, that has to be viewed in the context of a significant reduction in public spending.Oxford Economic's Neil Gibson, who contributed to the report, said that while there has been a slowdown in the rate of job losses, that has to be viewed in the context of a significant reduction in public spending.
"The economic conditions have improved somewhat in the past few months and the all-island economy is starting to look a little more positive," he said."The economic conditions have improved somewhat in the past few months and the all-island economy is starting to look a little more positive," he said.
"That said, the challenges are still quite significant going forward and we would characterise the mood on the island as one of fragile optimism."That said, the challenges are still quite significant going forward and we would characterise the mood on the island as one of fragile optimism.
"Looking better for the major corporates as world economic conditions improve but remaining very difficult for the public sector and for consumers.""Looking better for the major corporates as world economic conditions improve but remaining very difficult for the public sector and for consumers."