Saturday August 8, 2020

IMF bailout may be needed to ride out pandemic, says economist

Employment gains of past five years could be wiped out in three months by Covid-19, warns Neil Gibson of EY

Barry J Whyte

Chief Feature Writer

@whytebarry
23rd March, 2020
“This is a global problem, so unlike during the financial crisis, talented people cannot leave the island to find work elsewhere which will add to the spike in unemployment levels,” Neil Gibson of EY said.

If the Covid-19 outbreak extends into the summer, Ireland might find itself alongside a host of other countries seeking some kind of IMF-World Bank bailout, EY Ireland‘s chief economist has said.

Neil Gibson told the Business Post that the right tool to fix the economy in the wake of the Covid-19 crisis would depend on how long social restrictions had to continue.

Most best-case scenarios for the outbreak suggest that Europe could pass...

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