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Central Bank warns of more business closures if Covid-19 restrictions remain Mark Cassidy, the bank’s head of economics and statistics, said keeping restaurants and pubs closed for three more months could have devastating consequences for Ireland’s economy 4th July, 2021
The planned reopening of indoor dining for restaurants and pubs was abandoned last week amid concerns over the potential impact of the new Delta variant of Covid-19. Picture: Getty Images
There will be a “significant increase” in the number of hospitality businesses closing permanently if the existing indoor dining restrictions remain until September, the Central Bank of Ireland has said.
By Reuters Staff
2 Min Read
DUBLIN, July 1 (Reuters) - Ireland’s central bank on Thursday raised its growth forecast for 2021 for the second time this year as the progress of the COVID-19 vaccination campaign, improving consumer sentiment and international tailwinds set the scene for a strong recovery.
In its latest quarterly report, the Central Bank revised its forecast for GDP growth for this year to 8.3%, from 5.9% three months ago.
The move comes after exports by large technology and pharmaceutical firms swelled annual GDP growth in the first quarter to 11.8%.
The Central Bank expects GDP growth of 5.4% in 2022 and 4.8% in 2023.
The bank is seeing a “widespread improvement of consumer and business sentiment” as Covid-19 restrictions are relaxed and vaccines are rolled out, said Director of Economics and Statistics Mark Cassidy.
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Forecasters have upwardly revised their projections for the domestic economy and GDP. By Ian Curran Thursday 1 Jul 2021, 6:00 AM 20 hours ago 6,360 Views 2 Comments
Image: Sasko Lazarov
Image: Sasko Lazarov
IRELAND’S BELEAGUERED DOMESTIC economy is set to rebound more quickly in 2021 than anticipated, the Central Bank has said.
Despite the Government’s decision this week to delay the resumption of indoor dining, domestic activity is now on schedule to return to pre-pandemic levels and above as early as 2022.
Modified domestic demand a measure of indigenous economic activity that attempts to strip out the activities of multinational companies is forecast to grow by 3.4% in 2021 and 5.6% in 2022 after collapsing by 5% in 2020.