This time must be different
The latest CEO Update newsletter to Ibec members from Danny McCoy
Ibec’s response to the latest NPHET recommendations has been heavily reported in the media this morning along with the publication of our latest Quarterly Economic Outlook.
How Government interprets and responds to the health recommendations is an opportunity to circuit break months of eleventh-hour impulsive reactions. Now is the time to implement meaningful stakeholder consultation, adopt a multi-dimensional perspective so that as a society we can ensure appropriate responses to the pandemic. This is a new wave and demands a new style and tone no matter the response. For business, these next few days are crucial and we will do our utmost to communicate and engage with government on your behalf. I outlined this position on RTE’s Today with Claire Byrne earlier this morning.
This backdrop provides a timely context for Ibec’s Economic Outlook Q3 2020 which provides an economic analysis on what we are experiencing and predicts an overall fall in GDP of 2.6%. These forecasts are based on the assumption that the country would remain between Level 2 and Level 3 restrictions, if Government decides to escalate the public health measures significantly both unemployment and domestic demand will deteriorate to levels seen in the second quarter of the year. Our export performance will remain solid, however, and support overall GDP performance. More detail on this can be viewed here.
For those who couldn’t make Ibec’s wide ranging and robust discussion with Commissioner Margrethe Vestager and Minister Paschal Donohoe last Friday, you can watch back here.
I’ll keep you updated on any significant developments over the course of the week.