DUBLIN — The International Monetary Fund said on Tuesday the world economy could recover faster than expected this year, revising its January projection up by 0.5 percentage points to 6 per cent.The United States and China, the world’s two biggest economies, are likely to grow by 6.4 per cent and 8.4 per cent in 2021, driving the global rebound if pandemic-related economic curbs can be rolled back, the IMF said in a report published on Tuesday. But while “a way out of this health and economic crisis is increasingly visible,” according to the IMF’s Gita Gopinath, “divergent recovery paths” will likely result in increased poverty in so-called emerging markets and low-income countries, which could struggle to recover.
DUBLIN — Unemployment in Ireland lingered near the 25-per-cent mark in March as a third pandemic lockdown continued to hammer the economy, according to official data released on Wednesday. Though the Central Statistics Office (CSO) said March’s 24.2 per cent unemployment was down slightly on February’s 24.8 per cent, pandemic restrictions continued “to have a significant impact on the labour market,” according to the CSO’s Catalina Gonzales. Many businesses were forced to close for a third time in less than a year after the Irish government imposed a third lockdown in December, less than a month after a second six-week lockdown ended. The government on Tuesday announced it will slowly unwind some of the measures from mid-April, saying people would be permitted “non-essential” journeys within their county of residence, beyond the current 5-kilometre limit.
DUBLIN — Ireland’s economy could recover “quite strongly” from pandemic-related curbs in 2021, but employment is unlikely to bounce back for at least two years, according to the state-funded Economic and Social Research Institute (ESRI). In a report published on Thursday, the ESRI cut its earlier 2021 gross domestic product (GDP) growth forecast from 5.2 per cent to 4.4 per cent, citing the likely impact of Ireland’s ongoing third lockdown, which was imposed in late December. The ESRI said the revised projection assumes “a gradual easing of restrictions” from next month and that Covid-19 jabs “will facilitate the broad relaxation of public health restrictions in the second half of 2021.” Ireland’s economy grew by 3.4 per cent in 2020 on the back of record exports in multinational-heavy sectors that have thrived during the pandemic.
DUBLIN — The humble common cold virus blocks or displaces its deadlier Sars-Cov-2 counterpart from the human respiratory system, according to new research by a British-based team of scientists. In article published on Tuesday by the Journal of Infectious Diseases, the team said the cold virus also “triggers an innate immune response that blocks Sars-Cov-2 replication within the human respiratory epithelium.” Such “interference,” according to the researchers, who are mostly from the University of Glasgow, “might cause a population-wide reduction in the number of new Covid-19 infections.” Rhinoviruses that cause the common cold are “the most prevalent respiratory viruses of humans,” according to the paper.
DUBLIN — The coronavirus pandemic is having a “worse than expected” impact on deadly tuberculosis (TB), the Stop TB Partnership warned on Thursday. Repeat lockdowns have “prevented access to TB diagnostic and treatment services,” the partnership said, while the focus on the pandemic in hospitals and by governments has “severely disrupted TB responses in low- and middle-income countries.” The result has been a “drastic decline” in diagnosis and treatment, particularly in nine “high TB burden countries” such as India and Indonesia. According to India’s Health Minister Harsh Vardhan, who chairs the partnership’s board, “TB didn’t go anywhere when the Covid-19 pandemic hit.”
DUBLIN — Ireland’s imports from Britain fell by 65 per cent in January after the British departure from the European Union led to more complicated trade with its nearest neighbour. Ireland’s Central Statistics Office (CSO) said on Thursday that imports from Britain fell 906 million euros (1.08 billion dollars) year-on-year to less than half a billion euros. Ireland usually sources around one-fifth of its goods imports from Britain, though the EU and the US account for most of the country’s overall trade. Irish exports to Britain saw a much smaller decline compared to imports of 14 per cent, the CSO said, to make up 7 per cent of the January total. Irish exports to Britain fell by almost 10 per cent in 2020.
DUBLIN — A stronger-than-expected rebound this year will still leave the world down an estimated 10 trillion dollars due to the coronavirus pandemic and lockdowns, according to the United Nations Conference on Trade and Development (UNCTAD). Although the global economy could expand by 4.7 per cent in 2021, it will nonetheless wind up “short of 10 trillion dollars” – about twice Japan’s gross domestic product (GDP) – compared to if the pandemic never happened, UNCTAD said on Thursday. Last year, the global economy was hit by what UNCTAD described as “its sharpest annual drop in output since statistics on aggregate economic activity were introduced in the early 1940s.” While wealthy economies have proposed huge damage-limitation fiscal spending, such as the United States’ 1.9-trillion-dollar “stimulus package,” and while China returned to growth in late 2020, people in smaller and poorer countries are struggling, UNCTAD warned.
DUBLIN — Nature conservation has been “significantly impacted” by the coronavirus and related restrictions, the International Union for Conservation of Nature (IUCN) said on Thursday, a year to the day since the outbreak was declared a pandemic. While responses to the pandemic “temporarily slowed down human impacts upon nature,” the IUCN said, restrictions such as stay-home lockdowns and widespread travel curbs later led to “conservation work job losses among protected area rangers, reduced anti-poaching patrols and environmental protection rollbacks.” Over the past year, according to the IUCN, “protected and conserved area operations were scaled down or suspended, visitor facilities closed, workplaces shut, many staff withdrawn from duty stations and supply chains disrupted.” Over half Africa’s protected areas “were forced to halt or reduce field patrols and anti-poaching operations as well as conservation education and outreach,” according to IUCN surveys.
DUBLIN — Pandemic restrictions have completely or partly closed two-thirds of destinations worldwide to international tourism, according to the World Tourism Organization (UNTWO), a United Nations agency. One year on from the World Health Organization labelling the novel coronavirus outbreak a pandemic, 69 out of 217 destinations remain “completely closed,” the UNTWO said on Monday in its latest Travel Restrictions Report. Around the same number of destinations are “partially closed,” the UNWTO calculated. Thirty-eight of the 69 completely-closed destinations have been that way for at least 40 weeks, the UNWTO said, noting “regional differences” in how curbs are applied.
DUBLIN — Ireland’s gross domestic product (GDP) grew by an estimated 3.4 per cent last year, according to the Central Statistics Office (CSO), an expansion driven by foreign business and exports but coming as domestic output shrank. “Multinational sector growth was 18.2 per cent in 2020 while non-MNE [multinational enterprise]-dominated sectors declined by 9.5 per cent,” the CSO said on Friday. Ireland reported a record 160.8 billion euros (198 billion dollars) in goods exports last year, but businesses geared towards the small domestic market “experienced significantly lower levels of economic activity,” according to the CSO’s Jennifer Banim, with hotels, restaurants and construction hit hard as personal spending fell by 9 per cent. US multinationals in sectors that have enjoyed surging global demand during the pandemic, including pharmaceuticals and big tech, have European headquarters in Ireland – drawn by low taxes and EU membership. Amazon and Microsoft were among the American corporate giants to announce expansions in Ireland last year. According to Finance Minister Pascal Donohoe, “the pharma and ICT sectors recorded extraordinary export growth, driven by blockbuster immunological drugs, Covid related products, and the shift to home-working.”