Ireland's Central Bank Governor says 12% GDP drop 'most realistic forecast'

Mr Makhlouf said that there needs to be plans in place about how and when State supports will be withdrawn.

The Governor was speaking from Greece where he is caring for his elderly mother. File picture.

The Governor of the Central Bank, Gabriel Makhlouf, has said that a drop of 12% in GDP is “the most realistic” forecast and is one that should be used when planning “how to get out of this.”

Speaking from Greece where he has been caring for his elderly mother during the Covid-19 crisis, Mr Makhlouf told RTÉ radio’s Today with Séan O’Rourke show that a big proportion of planning “is the unknowable.”