Friday September 25, 2020

Covid-19: Irish economy to shrink by 15%, says OECD

Think-tank report comes as housebuilders shutter sites but work continues at National Children’s Hospital

Aaron Rogan

News Correspondent

30th March, 2020
Johnson & Johnson said that human trials on a vaccine will begin no later than September and that a not-for-profit product could be ready by early next year. Picture: AFP via Getty Images

Ireland’s economy is set to shrink by 15 per cent because of the Covid-19 pandemic, the Organisation for Economic Co-operation and Development has said.

This is the mildest contraction of any OECD country, according to the think-tank’s research, but does not take account of Ireland’s GDP being skewed by the level of multinational activity here. The level of GDP will not insulate Ireland from sharp falls in consumer spending and higher unemployment levels....

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