A recovery in international business has been postponed indefinitely as the fallout from the September 11 attacks continues to hurt economic activity, according to Friends First economist Jim Power. Speaking ahead of the first anniversary of the attacks, Power predicted further job losses in the Irish economy, especially in the IT area, stating, "The market for FDI (foreign direct investment) has dried up and we continue to see an ongoing drip feed of job losses from US companies in this country"
He blamed this on consolidation by US firms, and warned that inadequate infrastructure, rising costs and question marks over Ireland's future role in Europe were also undermining the country's position as a location for foreign investment. In a downbeat assessment of Ireland's economic prospects, Power said there were "no impending signs of recovery", adding that more cautious consumers were unlikely to give the economy a boost. //www.fxcentre.com