Irish central bank says virus curbs caused ‘deep downturn’ – dpa international

Some retailers open, some not, along central Dublin street in June (Simon Roughneen)

DUBLIN — The novel coronavirus pandemic and related restrictions could shrink the Irish economy by nearly 14 per cent in 2020, according to the country’s central bank. In a report published on Friday, the Central Bank of Ireland said that a “widespread shutdown of businesses caused by the pandemic” led to “sudden and large-scale job losses” and a “severe negative shock to both consumer spending and investment.” The worst-case scenario of a 13.8-per-cent recession is based on the virus lingering through the year and prompting some restrictions to be reimposed. The bank’s best-case outcome would see Ireland’s gross domestic product (GDP) down by 9 per cent, slightly better than the 10.5 per cent projected earlier by the Finance Ministry.