The report pointed to minimal growth in 2010 and this after a sharp plunge in the size of the Irish economy over the last couple of years, so expansion will be starting from a low base line.
Nevertheless, the Davey report points to a rise again in consumer spending and improved prospects for the Irish export sector as the global economy improves.
As is the case with predictions for the U.S., the Davey report points to continued high unemployment despite improved statistics linked to gross national product.
Unemployment, it predicts, will peak below 14 percent in the third quarter of 2010 but will later fall back to under 12 percent by the end of 2011.
Critically, the report warns that construction, an engine of the Celtic Tiger economy, will continue to struggle over the next couple of years.