Economy could shrink by up to 13% due to virus emergency

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Economy could shrink by up to 13% due to virus emergency
Economy could shrink by up to 13% due to virus emergency

The Irish economy could shrink by up to 13% this year because of the coronavirus emergency.

That is according to the worst-case scenario by financial advisory firm EY, which says it could contract by 7% if things improve quickly.

Chief Economist with EY, Neil Gibson, says they have come up with two scenarios.

“In our more severe scenario, we have GDP contracting by as much as 13% in the year,” said Mr Gibson.

“But I think we’re all hoping that we’ll be at least or better than our baseline outlook, which is that the economy would contract by about 7%.

“We might have job losses of around 180,000 over the course of the year.”

    Useful information

  • The HSE have developed an information pack on how to protect yourself and others from coronavirus. Read it here
  • Anyone with symptoms of coronavirus who has been in close contact with a confirmed case in the last 14 days should isolate themselves from other people – this means going into a different, well-ventilated room alone, with a phone; phone their GP, or emergency department;
  • GPs Out of Hours services are not in a position to order testing for patients with normal cold and flu-like symptoms. HSELive is an information line and similarly not in a position to order testing for members of the public. The public is asked to reserve 112/999 for medical emergencies at all times.
  • ALONE has launched a national support line and additional supports for older people who have concerns or are facing difficulties relating to the outbreak of COVID-19 (Coronavirus) in Ireland. The support line will be open seven days a week, 8am-8pm, by calling 0818 222 024

Source: Business News