Page "Celtic Tiger" Paragraph 3

In an economic analysis, the Economic and Social Research Institute ( ESRI ) on June 24, 2008 forecast that there was a possibility the Irish economy would experience marginal negative growth in 2008.

This would be the first time since 1983.

Outlining possible prospects for the economy for 2008, the ESRI said output of goods and services may fall that year — which would be the Irish definition of a mild recession.

It also predicted a recovery in 2009 and 2010.