Quarterly Economic Outlook Q2 2020
The latest Ibec Quarterly Economic Outlook Q2 2020 forecasts a contraction in GDP of 11% in 2020 and for consumer spending to fall by 14%.
The report highlights the length of the lockdown in Ireland, including a more conservative pace to re-opening of the economy than our peers, will help determine the scale of the fall in economic activity. If we plan to have a significantly longer lockdown than most developed countries then we cannot, at the same time, plan to run a deficit which is at the lower end of that same group of countries unless we are providing lower relative supports for businesses.
Our view is that further significant measures will need to be taken over the coming months to protect households and business, get people back into jobs, and bring forward maintenance and investment projects from an extended capital plan.
Download our report to find out more.