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Ireland lays out four-year austerity plan


Below are highlights of the plan.

* "The Government remains committed to the 12.5 percent corporation tax rate: it will not be increased under any circumstances.

* Revenue-raising measures will contribute one third of the overall budgetary adjustment.

* General Government Gross Debt to GDP ratio forecast at 95 percent of GDP at end-2010.

* The gap between Government receipts and spending will come to almost 19 billion euros in 2010.

* Tax receipts in 2010 to be around 33 percent lower than in 2007. Seen at 31.5 billion euros, or 450 million euros above the level forecast in last December's Budget.

* Recent data suggest that economic recovery is slowly taking shape. It is now expected that GDP will record a very small increase this year on the back of strong export growth. Exports in turn are being driven by improvements in competitiveness and a strengthening of international markets.

However, domestic demand remains weak as households and businesses continue to repair their balance sheets following a period of excessive debt accumulation.

* Real GDP will grow by an average of 2.75 percent in the years from 2011 to 2014.

* Unemployment to fall from 13.5 percent to below 10 percent in 2014.

* Expenditure saving of 10 billion euros, including current expenditure cut of 7 billion euros and capital investment by 3 billion euros.

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