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05/03/2009
NI Economy To Weather Recession Well
The impact of global recession on Northern Ireland's economy will not be as bad as in the rest of the UK, a report has claimed.
The Northern Ireland Economic Outlook, devised by consultants PricewaterhouseCoopers, predicts the local economy would decline by three per cent this year - comparing favouribly with other areas, where it is expected to be in the region of four per cent.
The Midlands and the north of England, for example, can expect to see contractions of up to 4%.
The report also said today that NI house prices look set to "level out", following a two-year decline.
In addition, unemployment levels in Northern Ireland remain below the UK average of 6.3 per cent and are the lowest of the 12 UK regions.
PwC's Chief Economist Philip McDonagh said: "The current economic circumstances are without precedent and that makes forecasting recovery extremely hazardous.
"But grave as the problems are, Northern Ireland is less impacted than other regions of the UK or the Republic of Ireland and there are genuine opportunities to be grasped."
He added: "The greatest challenge over the next few months is to restore confidence and not to become paralysed into doing nothing by the prevailing mood of gloom and doom."
(BMcC/JM)
The Northern Ireland Economic Outlook, devised by consultants PricewaterhouseCoopers, predicts the local economy would decline by three per cent this year - comparing favouribly with other areas, where it is expected to be in the region of four per cent.
The Midlands and the north of England, for example, can expect to see contractions of up to 4%.
The report also said today that NI house prices look set to "level out", following a two-year decline.
In addition, unemployment levels in Northern Ireland remain below the UK average of 6.3 per cent and are the lowest of the 12 UK regions.
PwC's Chief Economist Philip McDonagh said: "The current economic circumstances are without precedent and that makes forecasting recovery extremely hazardous.
"But grave as the problems are, Northern Ireland is less impacted than other regions of the UK or the Republic of Ireland and there are genuine opportunities to be grasped."
He added: "The greatest challenge over the next few months is to restore confidence and not to become paralysed into doing nothing by the prevailing mood of gloom and doom."
(BMcC/JM)
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Northern Ireland WeatherThis Evening and Tonight:A mostly dry evening and night with a widespread frost developing along with freezing fog, which could become extensive, especially in the south. Winds remaining light. Minimum temperature -3 °C.
