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20/05/2009
NI Economy To Grow In 2010
The local economy is showing signs of growth - but the results won't be apparent until 2010.
According to the head of the University of Ulster's School of Economics, Mike Smith, the Northern Ireland economy would remain "fairly flat" during 2009 before moderate growth returned next year.
Mr Smith was writing in the latest First Trust Bank Economic Outlook and Business Review.
He said there were now signs that the global downturn may be slackening.
The university's economics expert Mike Smith said today: "On the basis of the evidence thus far in 2009, it is not unreasonable to expect a return to positive economic growth here in 2010."
He said that while some commentators have been vilified when they suggested "green-shoots" of recovery are appearing he believes that there are now signs that the global downturn may be slackening.
"In the US lending between banks has returned to something approaching normal," he said.
"New housing starts in the US in the first quarter of 2009 have risen sharply by over 20%, albeit from very low levels and retail sales for April have recorded their biggest rise since August 2008.
"Economic activity in China is also starting to pick up. These all point tentatively to some sort of turning point."
The news comes just weeks after the Stormont Finance Minister, Nigel Dodds welcomed progress made in speeding up the public procurement process for local companies.
He said this had been achieved by Government working in partnership with CBI and construction leaders.
Mr Dodds said in April: "We have taken a number of measures over the last year to help local companies identify and access public procurement opportunities more easily.
"These include the launch of a new electronic tendering system 'eSourcing NI' to maximise the visibility of business opportunities and make it easier for companies, particularly small and medium sized enterprises, to bid for work."
The CBI Northern Ireland Director, Nigel Smyth said: "Good progress is being achieved, particularly on the need to standardise generic information and reduce information demands, and improve visibility of procurement opportunities," he said.
Such initiatives - to develop easier access to work on government-backed projects - are likely to help accelerate growth for the 'green shoots' of recovery that are now being seen by the University of Ulster.
See: Economy Blamed As Bank Cuts Jobs
See: Red Tape' Reduction Welcomed
According to the head of the University of Ulster's School of Economics, Mike Smith, the Northern Ireland economy would remain "fairly flat" during 2009 before moderate growth returned next year.
Mr Smith was writing in the latest First Trust Bank Economic Outlook and Business Review.
He said there were now signs that the global downturn may be slackening.
The university's economics expert Mike Smith said today: "On the basis of the evidence thus far in 2009, it is not unreasonable to expect a return to positive economic growth here in 2010."
He said that while some commentators have been vilified when they suggested "green-shoots" of recovery are appearing he believes that there are now signs that the global downturn may be slackening.
"In the US lending between banks has returned to something approaching normal," he said.
"New housing starts in the US in the first quarter of 2009 have risen sharply by over 20%, albeit from very low levels and retail sales for April have recorded their biggest rise since August 2008.
"Economic activity in China is also starting to pick up. These all point tentatively to some sort of turning point."
The news comes just weeks after the Stormont Finance Minister, Nigel Dodds welcomed progress made in speeding up the public procurement process for local companies.
He said this had been achieved by Government working in partnership with CBI and construction leaders.
Mr Dodds said in April: "We have taken a number of measures over the last year to help local companies identify and access public procurement opportunities more easily.
"These include the launch of a new electronic tendering system 'eSourcing NI' to maximise the visibility of business opportunities and make it easier for companies, particularly small and medium sized enterprises, to bid for work."
The CBI Northern Ireland Director, Nigel Smyth said: "Good progress is being achieved, particularly on the need to standardise generic information and reduce information demands, and improve visibility of procurement opportunities," he said.
Such initiatives - to develop easier access to work on government-backed projects - are likely to help accelerate growth for the 'green shoots' of recovery that are now being seen by the University of Ulster.
See: Economy Blamed As Bank Cuts Jobs
See: Red Tape' Reduction Welcomed
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