07/12/2001

Northern Ireland likely to avoid worldwide economic slump

Northern Ireland’s economy is likely to avoid the worst effects of the global economic slowdown, the First Trust Bank has said.

In its latest Quarterly Economic Outlook, the Bank said that economic conditions in the province had not deteriorated enough but significant job losses in Northern Ireland’s ICT sector had proved that the province was not immune to world economic conditions.

The Banks report also said it was most concerned with business ignorance of the euro which comes into effect throughout 12 European countries, excluding the United Kingdom.

In a survey commissioned by the Euro Preparations Forum 76 per cent of companies said they had made no preparations for the euro. Of the 404 businesses surveyed only nine per cent correctly identified the cut off date for the use of national currencies.

Twenty two per cent also revealed that they had not made any preparations for the euro as the Government seemed undecided about whether to join or not. (MB)

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