The European Commission has slashed Irish and eurozone growth forecasts

Image: Xinhua News Agency/PA Images Image: Xinhua News Agency/PA Images THE EUROPEAN COMMISSION has downgraded its 2020 outlook for the Irish, eurozone and broader European Union economies.

The latest prediction represents a decline from the Commission’s last set of forecasts, released in May, which predicted a 7.9% drop in Irish output for the year as a result of the pandemic. However, the Commission expects the Irish contraction this year to be slightly below the eurozone a whole but above the expected shrinkage of the broader European Union economy.

“Assumptions about the pandemic could be too optimistic. In the absence of a vaccine and treatment options for Covid-19, any sustained increase in the number of infections or further major outbreaks would worsen the economic outlook.” “Divergences across countries in terms of both the recession and the rebound are related to different timing and stringency of lockdowns and containment,” he said, “as well as different economic structures, namely exposure to tourism and services reliant on person-to-person contact.

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