Alan McQuaid, the senior economist at Bloxhams Stockbrokers, said that the statistics “ highlight the extent of the Irish economic out-turn and the huge task facing the Government in attempting to get the country’s public finances back in order." “ Quite simply, there is no hope of sorting out our budgetary position by 2013 without economic growth, and we are a long way off that at the moment, ” McQuaid said, noting that "  ...  one has to go back to the 1956-1958 period for the last time we had a decrease of this magnitude. ” “ ...  As things currently stand, it is not hard to see double digit declines in real GDP over the coming quarters," he said. “ The extreme weakness of the economy at this point in time must also raise serious questions marks about the wisdom of the Government’s intention of imposing further income levies on already hard-pressed consumers and PAYE workers. All that can be said is that the outlook for economic output and employment in 2009 are fairly bleak indeed. ”
Alan McQuaid, the senior economist at Bloxhams Stockbrokers, said that the statistics " highlight the extent of the Irish economic out-turn and the huge task facing the Government in attempting to get the country’s public finances back in order." " Quite simply, there is no hope of sorting out our budgetary position by 2013 without economic growth, and we are a long way off that at the moment, " McQuaid said, noting that " ( ... ) one has to go back to the 1956-1958 period for the last time we had a decrease of this magnitude. " "( ... ) As things currently stand, it is not hard to see double digit declines in real GDP over the coming quarters," he said. " The extreme weakness of the economy at this point in time must also raise serious questions marks about the wisdom of the Government’s intention of imposing further income levies on already hard-pressed consumers and PAYE workers. All that can be said is that the outlook for economic output and employment in 2009 are fairly bleak indeed. "
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