VECIMIAN ECONOMY ENTERS RECESSION- 20/11/14
"It was all solemn faces in Leinster House yesterday as Taoiseach Davis delivered his stark economic forecast to the Dáil yesterday:"Deputies of the House, it is my duty to inform you that the Vecimian Economy officially entered recession yesterday, we as a government believe this is only a slight downfall and shall adjust Budget 2015 accordingly. To the people of Vecima, I ensure that this current government will do it's utmost to keep to the level of economic stability that we have seen in recent years. We will not see a repeat of the 80's, the worst downturn in our sovereign history." Last week it emerged that unemployment skyrocketed to 17.5%, a figure not seen since the 1980's when a Vecimian People's Party government steered Vecima through its worst recession in a generation.
This drastic collapse follows six months of negative growth, and almost a decade of stellar economic expansion, at it's peak 10.6% per year. This announcement has sent a shock wave through Vecimian society and has rocked the markets, with Vecimian government bonds today plummeting in value, against a backdrop of rising interest rates.
Opposition leader Thomas Williams hit out at the Taoiseach yesterday, accusing him of being "economically illiterate", "a criminally-bad" leader and being "apathetic towards the plight of the Vecimian people".
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