The European economic decline is expected to be larger than what was initially predicted Photo: BloombergIreland’s economy is expected to shrink by 8.5pc this year due to the impact of Covid-19, according to indicators from the European Commission. The anticipated decline in economic growth here is greater than the European Union average of 8.3pc. Commission vice president, Valdis Dombrovskis, said the economic impact of the lockdown is “more severe” than was initially expected. Meanwhile, the Irish economy is expected to record growth of 6.3pc next year, higher than the EU expected average of 5.8pc. Elsewhere, protectionist policies and an excessive turning away from global production chains could also negatively affect trade and the global economy, the Commission added.

Source: Irish Independent July 07, 2020 12:33 UTC