Central Bank sees unemployment persisting through 2023 amid Covid-19 storm

Unemployment will return to its pre-Covid-19 levels in late 2023 and only then if there is no new outbreak of the disease, while house building will be severely disrupted for a number of years, the Central Bank has predicted.

Its latest report also sees the budget deficit swelling to over €23bn this year before the additional costs under the stimulus measures planned by Finance Minister Paschal Donohoe this summer are taken into account. And the deficit will top €30bn if the pandemic makes an early return, according to the bank's worst-case outcome.