Ireland: 2021 Article IV Consultation-Press Release; and Staff Report

June 16, 2021

Preview Citation

Format: Chicago

Ireland: 2021 Article IV Consultation-Press Release; and Staff Report, (USA: International Monetary Fund, 2021) accessed December 25, 2024

Summary

Ireland entered the COVID pandemic with reduced vulnerabilities and high growth, especially in multinational enterprises (MNEs)-dominated sectors. The pandemic has had a highly asymmetric impact on the economy. The domestic sectors contracted by about 10 percent in 2020 and unemployment reached 30 percent at the peak of the first wave, while MNEs continued to grow strongly, driving overall GDP growth to 3.4 percent. A swift policy response has been effective in mitigating the crisis impact and protecting households and firms. The domestic sectors are expected to partially recover in 2021, with GDP growth projected at 4.6 percent. Downside risks stem from uncertainties surrounding new COVID variants, post-Brexit trade arrangements, and likely changes in international taxation.

Subject: COVID-19, Credit, Financial institutions, Health, Housing, Income, International organization, Loans, Monetary policy, Money, National accounts, Public debt

Keywords: Cost reduction, COVID-19, Credit, Europe, Global, Housing, Income, Income support, Liability positions vis-à-vis nonresident, Loans, Money market rate, Policy support

Publication Details

Pages:

72
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2021/123
Stock No:

1IRLEA2021001
ISBN:

9781513587233
ISSN:

1934-7685

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