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Irish recession worst 'since the 1930s'

Irish recession worst 'since the 1930s' article image

Ireland's Economic and Social Research Institute has slashed its gross domestic product forecast, putting forward a prediction that the nation will suffer an 11.6 percent decline by 2010. The institute named it the worst downturn of any country since the 1930s: "Prior to this, the largest decline for an industrialised country since the 1930s had been in Finland, where real GDP declined by 11 percent between 1990 and 1993." The Irish recession began in early 2008, the first European country to do so, after simultaneously suffering from the international crisis, a property slump and rising unemployment.

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