Irish economic growth will grind to a halt and unemployment will creep above 5% this year under Italy-style quarantines to control the Covid-19 outbreak here, the Economic and Social Research Institute has projected in new forecasts.
The Economic and Social Research Institute (ESRI) is working on scenarios that take account of significant hits to the Irish economy should the coronavirus crisis lead to the Government imposing long periods of quarantine.
The economy is expanding so strongly that Finance Minister Paschal Donohoe ought to turn his back on deep cuts to personal taxes and spend even less than what will be available to him in so-called fiscal space, the Economic and Social Research Institute has said.
There is no early end in sight to house price increases and it will take “the next five, six, seven years” for new supply to come anywhere near to meeting pent-up demand, the Economic and Social Research Institute warns.
The Economic and Social Research Institute (ESRI) has left its forecasts for Irish economic growth unchanged – at 3.8% for this year and 3.6% for 2018 – but has urged new Finance Minister Paschal Donohoe to adopt a more “cautious” stance than previously envisaged in October’s budget.