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Jim Power, Chief Economist, Friends First : latest Economic Outlook
Jim Power, Chief Economist, Friends First has presented his latest economic outlook this morning from the Merrion Hotel in Dublin city centre.
Key points included:
- House prices will fall further over the coming year. House values have fallen by 50% since 2007 and a further 10% decline is likely before bottoming out in 2011.
- A fundamental reform of taxation and spending is required.
- Following a contraction of 7.5% in economic activity in 2009, it is likely that the recession will end around the middle of 2010 and that growth will gradually pick up in the second half of the year and into 2011.
- According to the Friends First Consumer Outlook, 86% of consumers surveyed believe that creating jobs is the biggest challenge facing the Government.
- 60% of consumers surveyed are not confident in the Government’s ability to revive the economy.
- More than one third of consumers surveyed (34%) believe the economy will not return to growth until after 2012.
Read the full report here
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