Ifac budget watchdog: Irish economy to dodge severe Covid-19 economic hit 

The July stimulus package unveiled by the Taoiseach Micheál Martin and Tánaiste Leo Varadkar could have been more ambitious, according to leading economists. File photo: PA

The fallout for the Irish economy from the Covid-19 storm is less severe than once feared, as Government finances shape up well over recent weeks, the budget watchdog has said.  

The Irish Fiscal Advisory Council (Ifac) has told the Irish Examiner the worst of its fears that Ireland was heading into a severe economic slump as outlined in its assessment in late May was now less likely. One of two other scenarios it mapped out at the time -- for either a "mild" or "central" outcome -- was now more likely, it said.