IMF cuts Irish GDP forecasts

FALLING exports mean Irish economic growth will be lower than expected.

Forecasts for 2011 were cut from 0.6 per cent to 0.4 per cent by the International Monetary Fund (IMF) yesterday. Lower demand from key trading partners was blamed.

Ireland’s fiscal reforms were praised by the body, however, which says the country had strong prospects in terms of debt and interest rate costs.

The forecast for 2012 was cut too, from 1.9 per cent to 1.5 per cent as the international picture worsens.