THE FISCAL ADVISORY Council has outlined the three different scenarios in which the Covid-19 pandemic and lockdown could impact the Irish economy.
Scenarios mapped out in the report suggest that we could have debt ratios ranging from 114-160% in 2021, up from 99% in 2019. This high debt will leave the Irish economy more vulnerable to future shocks, it said. We’ve done a lot of different scenarios and calculations – and our sense is that fiscal adjustment will be required, the debt ratio will be very high – almost at historic highs – and there will be a big deficit, perhaps around 3% still by 2025. A government deficit of at least €23 billion is now likely for 2020; in January, the government expected a surplus of €2.6 billion this year.
#Open journalism No news is bad news Support The Journal Your contributions will help us continue to deliver the stories that are important to youThe report predicts high unemployment, where a fiscal package would be needed to support people and businesses; while also admitting that there would need to be some tax increases and spending cuts, but the scale shouldn’t be the same as in 2009.
Oh my God. They haven't a clue how economics works!
i don't think this is reported fairly by the media, the reports talks about payments needing to be made once full employment not just cuts.
Progressive taxing of billionaires is the only way (see Piketty. 1% of a billion is still a pretty good haul. But every nation in the world has to agree.
Start with the fiscal council. ESRI stooges.
There will be a revolution- it's the ECB turned on the quantitative easing printing press for main street. It's time for a NAMA style ”good bank” for family and small business. It's time for the corporations and the wealthy to pay a bit more in tax. APeoplesEurope vs EndOfEU
About 300,000 non nationals getting the cov payment costing over 100 million a week who can simply move on and leave the native Irish to foot the bill for generations. Costly project the auld multiculturism malarkey
Time to get tough on social welfare scroungers. Recoup a lot of money by doing so. So many receiving allowances that they shouldn’t be. Getting carers allowances when they’re not carers, disability when there’s nothing wrong with them. Perfect opportunity for a crack down.
Delusional. Look how it suddenly bounces skywards starting tomorrow. The reality will be much, much worse.
Cut the 5.5bn to the NGOs and deport all in direct provision centre's.
Cuts? Did they read any books on austerity? It doesn’t work, cutting spending during a recession makes the recession worse and in fact turns it into depression and economic stagnation.
They can just fuck right off of they think austerity will work. It has never worked. Rich people got richer, and the poor suffered. We've had over 10 years of that and will not be doing it again.
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