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After a wave of layoffs the pace of job creation will determine the aftermath of coronavirus

David Chance


 

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Recovery: Some building sites returned this week but other sectors remain under lockdown. Photo: Collins

Recovery: Some building sites returned this week but other sectors remain under lockdown. Photo: Collins

Recovery: Some building sites returned this week but other sectors remain under lockdown. Photo: Collins

It took four years for Ireland's unemployment toll to rise to its crisis-era peak of 444,905 in 2011 as the credit bubble imploded a decade ago.

The coronavirus pandemic and its lockdowns have achieved that and more in just weeks. We have ricocheted from being an economy at full employment to one where half the workforce is relying on the Government for some form of income support.

The Government expects up to 220,000 jobs could be lost by the end of this year overall, albeit with a strong bounce back next year as 115,000 jobs are created.