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One News: David Murphy, Business Correspondent, reports that the economy is expected to contract by significantly more than had been forecast
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Morning Ireland: Joan Burton, Labour finance spokesperson, says the Government needs to invest in areas that will grow the economy in the near future
The economy now expected to contract by significantly more than had been forecast at the time of the Budget.
Minister for Finance Brian Lenihan told the Dáil last night that he expects the overall contraction to be somewhere in the region of 3 to 4%.
Mr Lenihan said the plan is now being drafted, with the lead being taken by the Taoiseach's department.
