'Economy has reached turning point' ECONOMY TODAY: IRELAND.

IRELAND'S economy has reached a turning point and will begin growing again next year, Finance Minister Brian Lenihan declared last night.

In an upbeat forecast, Mr Lenihan said the downturn would continue into 2010 but would not be as bad as had been earlier predicted -contracting by 1.5% as opposed to 3%.

By the middle of next year the economy will have turned the corner away from the crippling recession, he signalled.

Falling prices were already making the country more able to compete with others on the world stage, according to the Government's pre-Budget outlook statement.