100,000 workers may face a long term unemployment due to Covid 19 pandemic: Central Bank

The latest quarterly bulletin published by the Central Bank of Ireland warns that nearly 100,000 people could lose their jobs permanently because of the Covid 19 pandemic. The regulator thinks that even after the Covid restrictions are lifted, the rate of unemployment keeps on increasing, even though the economic growth forecast predicts an increase of 6 percent.

The pandemic has made drastic changes in concepts of workers and consumers. A change in consumer preferences may affect the consumer facing ore consumer support sectors badly.

Director of Economics and Statistics, Mark Cassidy thinks that one fourth of the people who claim Pandemic Unemployment Payment (PUP) will return to work suddenly.

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