Covid may shake Ireland’s economic base, warns Deputy Prime Minister Leo Varadkar

Deputy Prime Minister Leo Varadkar has warned that the Covid crisis could have multiple economic repercussions for Ireland.

He made it clear during the annual meeting of the Dublin Economic Workshop that Ireland should fear multiple economic repercussions.

Currently, the Covid epidemic is expected to affect the economy in one way only, but he added that Covid could destroy Ireland’s economy in more than one way.

What will happen tomorrow is unpredictable as the world and country go through a crisis that has never been experienced before.

About 35 per lakh people are diagnosed with the disease. He added that the average daily increase over the past five days was 175.

Many of Covid’s aftereffects are yet to be seen, and it remains to be seen whether they will be small or large. The current declared goal of the government is to suppress the virus spread.

The hope for Covid vaccine still exists, everyone has a belief that one day it will be approved and released worldwide. He said that the best economic policy was to give importance to public health and without the people there would be no wealth.

Ireland does not want to be the largest fiscal and indebted country in Europe. But he added that in the wake of the Covid crisis, the difference between tax revenue and expenditure could be as high as 30 billion this year.

Addressing the event, European Central Bank Chief Economist Philip Lane’s response was that economic stability can only be restored by effectively tackling the public health crisis. He said he expects the debt-to-debt ratio to naturally decline as economic growth resumes.