Fears a second lockdown could result in 20% unemployment rate

A second lockdown could see 20% of people unemployed by the end of the year.

That's the worst case scenario outlined in the latest quarterly economic research by the ESRI.

The Institute is forecasting the largest recession in Irish history, with GDP falling anywhere between 8.6% and 17.1%.

Kieran McQuinn from the ESRI says the pace at which the economic has crashed is eye-opening:

"Back in the early 80s it took about 21 quarters to go from the trough to the peak unemployment rate of about 16%.

"Equally if you look at the financial crisis you're looking at it taking about 12 quarters to go from the trough of about 5% unemployment up to a high of 16% by 2012."

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