The Central Bank of Ireland at New Wapping Street, North Wall Quay. The Central Bank of Ireland at New Wapping Street, North Wall Quay. TAOISEACH LEO VARADKAR has said he wants to avoid “another era of austerity” as the Central Bank has predicted the unemployment rate could rise to 25% as a result of the Covid-19 crisis.
Reacting to the worsening economic outlook, Varadkar said the country was “heading into a recession” but that it was “in a stronger position” than in 2008. Assuming that the current restrictions “remain in place for a three-month period before being rolled back”, the Central Bank predicts that GDP could decline by 8.3% this year.“In this scenario, given the fall in employment which has occurred to date and is in prospect, and if all those receiving Covid-19 related payments are included, the unemployment rate could rise to around 25% in coming months,” the Central Bank states.
“The number of jobs lost in the past week or so, was lost over a period of three years during the economic and financial crisis of 2008 onwards, so it’s a very sharp, very sudden unexpected shock to our economy,” Varadkar said. “The period of austerity that happened after 2008 under a previous government was never a policy choice, they had no choice. The country lost its capacity to borrow, had to go to the lender of last resort, which is the IMF and the ECB and others, and there was very strict conditionality attached to that. I believe we can avoid it this time,” he said.
We need do some serious recessing beginning with taking back all ex Taoiseachs pension monies then taking back all properties pawned for pennies by nama.
I’ll take this recession over the loss of life. We had to bail the banks out last time, this time I can justify where my tax is going... to help those in serious need now!
The visionary 🙄
Economists don't know how this will play out. There could also be a V-shaped (on a graph) type recovery. Of course, the media love to saturate the public with doomsday negativity. Cynics reckon this leads to more malleable citizens
Nice one the whole world is heading for a recession
Burning down the house to kill a spider
But he heading for a big fat pension. Wake up lads. Soon that guy will be living it up in the clubs in Brussels while we will be paying for this for generations.
That only got the poor .. average joe , hold care paying , mortgage paying , taxpayers.. TD should be ok thank god !! If not Leo u just increase salaries and pensions to sort the elected chosen one out 🤮
Any 5 rear old Child could tell us that.
No shit Sherlock! LeoVaradkar
We ll survive
u all love recession talk everyone in same boat its in everyone intrests to make this work not like 2009 when we were on our own
Good time to buy a house 🏠
Can we deal with getting through this shit first. Why keep loading the population with this negative junk!! We all know WTF is happening...,we’re well adversed in economics at this stage!! Find the positive stories or F*** OFf
Leo himself tho will be fine and dandy
Let nobody tell you this was caused by a virus. This was a cock up by politicians from the start.
Its heading into a severe depression .
It will be a depression.
The world is heading into a recession..
Remember last 4 years. FFG many Crises. Continuation is ahead. Recession. They'll finish us off. We've no choice but to look to near future. We must stand, speak up & be counted. Including Democracy. We didn't vote this. Currently they're lying about amount of tests done daily.
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