Some of the economic numbers during what is the biggest hit to the world economy since at least the 1930s have been mind-boggling. We have seen other impacts, as those still in work here salted away €13.4bn in extra savings last year. If you are not working, the outlook is bleak and there is a risk that Ireland could ‘lose’ another generation of younger workers. The number of people in work here fell by more than 300,000 during the recession as the unemployment rate tripled from 5pc in 2008 to 15pc by 2011. “Past crises have clearly translated into a markedly higher risk of poverty for the young, while reversing this trend has proved extremely challenging,” he said.

Source: Irish Independent January 07, 2021 02:09 UTC