THE north s economy should return to its pre-Covid levels in the first half of 2023, while the jobs the region lost as a results of the pandemic will have all been restored by 2024, a respected policy paper says.
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BBC News
By John Campbell
Published
image captionEconomists said it could be 2024 before all the jobs lost during the pandemic are replaced
The Northern Ireland economy should return to its pre-Covid level of output by the first half of 2023, Ulster University economists have forecast.
They estimate the economy shrank by more than 10% last year, but will grow by nearly 6% this year and 4% in 2022.
But they say it may be 2024 before all jobs lost during Covid are replaced. Economic prospects are much more positive than a few short months ago, said Gareth Hetherington from Ulster University Economic Policy Centre. The supports provided by both Westminster and Stormont have prevented an economic catastrophe and many businesses are showing significant resilience and returning quickly to growth.
That was the vision set out this week by Economy Minister Diane Dodds at a virtual stakeholder event where she discussed her Department’s Economic Recovery Action Plan.
The Minister’s ambitious plan was launched in February as a blueprint to rebuilding the economy after the impact of Covid-19.
It contains 147 actions across four key themes – a greener economy, R&D and innovation, a highly skilled and agile workforce, and investment, trade and exports.
Almost £290million in additional funding has been secured to deliver the actions.
Minister Dodds said, “Economic recovery can only be delivered through collaboration and partnership – we must all work together.