The International Monetary Fund is forecasting that Ireland’s economy will decline by 6.8% in Gross Domestic Product (GDP) terms this year, as a result of the impact of the Covid-19 pandemic. The figure is contained in the IMF’s World Economic Outlook, published today. The IMF believes that unemployment in Ireland will average 12.1% this year and 7.9% in 2021….
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The Covid-19 unemployment payments will cost the Government just under €5bn for three months, according to an analysis by the Economic and Social Research Institute. The ESRI also warns that the cap on higher earners in the wage subsidy scheme may encourage firms to lay off those employees rather than retaining them. The Government has introduced…
The International Monetary Fund has announced immediate debt relief for 25 poor countries to help them free up funds to fight the coronavirus pandemic. “This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them channel more…
More than 45,000 mortgage payment breaks have been or are about to be given to borrowers suffering financial difficulty as a result of the Covid-19 pandemic. According to the Banking and Payments Federation Ireland (BPFI) this represents approximately 5% of the total mortgage market here. The initiative is being operated by all five of the…
The insurance industry has announced a suite of measures aimed at helping personal and business customers through the difficulties posed by the Covid-19 pandemic. They include a reduction in premiums for business customers that will reflect the reduced level of exposure they have as a result of the restrictions as well as flexibility for those…