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THE ONLY WAY IS UP?

The OECD became the latest forecaster to raise its forecast for the Irish economy which it did last month as part of its twice-yearly Economic Outlook.

The latest projection from the Paris-based policy advice body envisages that the Irish economy will contract by 0.7% on average this year in GDP terms, much less than the 2.3% decline projected in its previous forecast round in November.  Moreover, its forecast for next year was revised up by even more.  The economy is now expected to grow by 3% in 2011, up considerably from the 1% it was pencilling in in November.

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