World Economic outlook - EU-IMF cuts Irish GDP growth forecast 2012 : The European Union and International Monetary Fund on Thursday cut their 2012 GDP growth forecast for Ireland to 0.5 percent from 1.1 percent but said the government was still on target to meet its annual bailout targets.
"Ireland continues to face considerable challenges. Domestic demand remains subdued, employment high and trading partners growth is slowing," the EU, European Central Bank and IMF said in a statement following their latest quarterly review of Ireland's bailout programme.
"As a result projected GDP growth for 2012 has been revised down to +0.5 percent from an estimated 1 percent in 2011," the statement said. The European Commission in November forecast the Irish economy would grow by 1.1 percent in 2012.
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