The employers’ group, IBEC has said further ‘significant measures’ will need to be taken by the Government over the coming months to protect businesses and households from the economic fallout of the Covid-19 outbreak.
In its latest quarterly economic report, IBEC says the impact of the virus is likely to last for a year or more.
IBEC claims Ireland’s roadmap to reopening the economy is ‘more conservative’ than almost all comparable countries.
Its latest Quarterly Outlook says the duration of restrictions will determine the scale of the fall in economic activity.
It warns that high levels of youth unemployment may become an intractable problem.
It points out that the accommodation and hospitality sector is amongst the worst hit with an estimated 69% of workers in receipt of the Covid-19 payment.
It expects unemployment overall to remain high, only falling to 16% by the end of this year.
It urges the government to only withdraw income supports gradually, or risk a wave of redundancies in companies still operating well below capacity.
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