Donohoe: Recovery from Covid-19 crisis on jobs and exchequer will be 'gradual and partial'

The Irish economy will suffer a huge contraction in output and endure record job losses this year, before employment levels recover gradually as output rebounds in 2021, according to the first Government forecasts on the fallout from the Covid-19 crisis.

The Department of Finance projections - which were prepared as part of the regular cycle of budget oversight by the EU - take on huge significance by throwing a light on the way that officials believe the economy will fare through the unprecedented Covid-19 health crisis.