LEO VARADKAR is facing an unprecedented economic meltdown, as Ireland could be hit by its deepest-ever recession in the wake of the coronavirus pandemic.
Global economies have been devastated by the deadly virus, as governments have had to impose strict lockdowns. The drastic measures have led to huge falls in GDP, as well as seeing millions of workers lose their jobs. Now a report by a leading Irish think tank is predicting a particularly severe recession for the Republic of Ireland.
According to a study by the Economic and Social Research Institute (ESRI), the nation’s GDP is set to decline by 12.4 percent this year.
ESRI said that this was the “most likely” scenario under a government plan to lift the lockdown in August.
A more optimistic prediction based on a rapid economic recovery would still see GDP falling to 8.6 percent.
A second infectious wave would have disastrous consequences and would most likely cause output to plummet by 17.1 percent, experts said.
[…]
See Also:
(1) Mark Steyn: The Case of the Topless Taioseach
(2) Norway’s Health Chief Just Torpedoed the Case for COVID Lockdowns
(3) Go on Mr Blackford cast the first stone
(4) Coronavirus: ESRI warns of deepest recession in Irish history
(5) EU crisis: Support for bloc plummets as Europeans attack Brussels for coronavirus response
