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Thank you for subscribingWe have more newslettersShow meSee ourprivacy notice This week saw the Department of Finance publish its Stability Programme Update (SPU) and Finance Minister Paschal Donohoe said the report does envision a “scarring” of the economy.
Updated: 14 Apr 2021, 18:08
IRELAND’S unemployment rate will not recover to pre-pandemic levels until at least 2023, a new Department of Finance report has predicted.
However, Ireland will not see an “austerity budget” for 2022, Public Expenditure Minister Micheal McGrath claimed, as there are “solid grounds for optimism” that the economic recovery will start later this year.
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Finance Minister Paschal DonohoeCredit: PA
The Government yesterday published a Stability Programme Update which outlines the catastrophic damage that Covid-19 has done to the public purse.
The Department of Finance is predicting that Ireland’s public finances will run a deficit of €18.1bn this year and €11.6bn again next year - on top of last year’s €18.4bn in the red because of Covid supports.
Speed of economic recovery depends on vaccination – report irishtimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from irishtimes.com Daily Mail and Mail on Sunday newspapers.
Economics Correspondent
Minister for Finance Paschal Donohoe will publish the Stability Programme Update later today which will set out new deficit and growth targets for the economy.
RTÉ News understands it will project growth of 4.5% in the economy this year, with a budget deficit equal to 4.7% of Gross Domestic Product, but much of this will depend on the success of the vaccination programme.
A separate measure for the domestic economy shows a lower growth rate this year but a higher rate for next year.
The Stability Programme Update (SPU) is required under European budgetary rules.
The Department of Finance only publishes two sets of economic forecasts every year, the one today and one at Budget time in October.