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The COVID-19 pandemic has had a deep impact on the Irish economy, leading it into a recession. Essential public health measures announced by the Irish Government to contain the spread of COVID-19 resulted in the largest monthly increase in unemployment in the history of the Republic of Ireland during March 2020.
Ireland was the first state in the eurozone to enter recession, as declared by the Central Statistics Office (CSO). [8] By January 2009, the number of people living on unemployment benefits had risen to 326,000—the highest monthly level since records began in 1967—and the unemployment rate rose from 6.5% in July 2008 to 14.8% in July 2012. [9]
While other European countries enjoyed fast growth, Ireland suffered economic stagnation. [77] The policy changes were drawn together in Economic Development, an official paper by T. K. Whitaker published in 1958 that advocated free trade, foreign investment, and growth rather than fiscal restraint as the prime objective of economic management ...
The COVID-19 pandemic has had a deep impact on the Irish economy, leading it into a recession. Essential public health measures announced by the Government of Ireland to contain the spread of COVID-19 resulted in the largest monthly increase in unemployment in the history of Ireland during March 2020.
The ILO estimates global unemployment to rise between 5.3 million ("low" scenario) and 24.7 million ("high" scenario) from a base level of 188 million in 2019 as a result of COVID-19's impact on global GDP growth. By comparison, global unemployment went up by 22 million during the Great Recession. Women informal workers, migrants, youth and the ...
As my colleague Douglas McIntyre described in "Unemployment problems are worse than meet the eye," unemployment in this recession is different -- what many are calling structural unemployment ...
According to article 6 of Council Regulation (EU) 2020/672 of 19 May 2020 on the establishment of a European instrument for temporary support to mitigate unemployment risks in an emergency (SURE) [19] following the COVID-19 outbreak : After receiving a request for financial assistance from a Member State, the commission would consult the latter ...
The slowdown in wages growth has helped pave the way for interest rate cuts from the Bank of England, which last week delivered a reduction to 4.75% from 5% – the second decrease this year.