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Minister Donohoe publishes Stability Programme Update 2020

The Minister for Finance, and Public Expenditure and Reform, Paschal Donohoe T.D., published the Government’s Stability Programme Update 2020 earlier this week. The document sets out a macroeconomic and fiscal scenario for the period 2020–2021 which incorporates the impact of the COVID-19 pandemic. The macroeconomic forecasts underpinning the SPU were endorsed by the Irish Fiscal Advisory Council on 10 April.

The key five points of the update are as follows:

  1. Ireland’s GDP is projected to fall by 10.5 per cent this year with the labour market bearing the brunt of the economic shock of the COVID-19 outbreak
  2. Unemployment of 22 per cent is projected for Q2 of this year. It is projected that approximately 220,000 jobs will be lost
  3. Irish economy will run on a deficit of around 7.5 per cent of GDP or €23 billion, which is in line with the other eurozone Member States
  4. Recovery assumed in Q3 and Q4 of the year is projected to gain momentum next year – with the economy growing by 6 per cent and unemployment falling to below 10 per cent next year
  5. The economy is set to reach its pre-crisis level by 2022