Saturday August 8, 2020

ESRI calls for EU-wide stimulus after dire economic warning

Think-tank estimates that the Irish economy could shrink by up to 7% this year, with unemployment rising to 18%

Ian Guider

Markets Editor

@ianguider
26th March, 2020
The Norseman pub in Temple Bar, Dublin, which has closed due to the coronavirus. The ESRI said that domestic consumption is set to slide by 3.8 per cent this year. Picture: Rollingnews.ie

The Covid-19 pandemic is set to shrink the economy by as much as 7 per cent this year, leaving almost one in five workers unemployed and result in a budget deficit of almost €13 billion, the Economic and Social Research Institute has warned.

In the best-case scenario, the shock will last only a short period, the think-tank said in its latest report. If the pandemic does not abate, however, “the results will be even more adverse...

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