| 20.8°C Dublin

Close

Premium

Coronavirus takes just two weeks to wipe out job gains made after crash

Doubts economy will bounce back after outbreak

Close

The Moore street market empty, as the spread of the coronavirus disease (COVID-19) continues in Dublin. Photo: REUTERS/Jason Cairnduff

The Moore street market empty, as the spread of the coronavirus disease (COVID-19) continues in Dublin. Photo: REUTERS/Jason Cairnduff

REUTERS

The Moore street market empty, as the spread of the coronavirus disease (COVID-19) continues in Dublin. Photo: REUTERS/Jason Cairnduff

The coronavirus shock to the economy appears to be coming harder and faster than expected as almost 400,000 workers have already signed up for emergency wage support payments from the Government.

Just last week, the Economic and Social Research Institute (ESRI) estimated 300,000 workers will have lost their jobs as a result of the pandemic lockdown by the end of June and that, as a result, the economy would shrink by just over 7pc this year.

The Department of Employment Affairs and Social Protection said 389,000 people had applied for the Covid-19 pandemic unemployment payment, and payments have now been issued to 283,000 of them.


Related Content