Ireland is facing its deepest ever recession as the coronavirus lockdown devastates jobs and strains the public finances, a think tank said Thursday.
A report by Ireland’s Economic and Social Research Institute predicts the nation’s gross domestic product (GDP) will decline 12.4% this year. That was the “most likely” scenario under a government plan to lift the lockdown in August but with the economy struggling to return to pre-pandemic levels owing to physical distancing measures, ESRI said.
A more modest scenario predicting a vigorous recovery after lockdown would still see GDP shrink 8.6%, whilst a second wave of coronavirus infections could cause output plunge 17.1%.
Ireland’s unemployment rate soared to 28% in April, almost double the figure following the 2008 global financial crisis that led to a huge international bailout of the eurozone member state. According to ESRI’s most-likely scenario, unemployment is set to remain above 17% in 2020.
Ireland has suffered 1,615 deaths from the coronavirus, according to official figures.
Read more via The Irish Times
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