The Central Bank says that Covid-19 has triggered a severe economic shock, the likes of which has never been seen before.
The bank says the economy could shrink by over 8% of GDP this year and the unemployment rate could peak at 25% in the coming months.
Meanwhile, Ibec is calling for significant new government measures to support vulnerable businesses.
Ibec Director of Policy and Public Affairs, Fergal O’Brien, says not enough has been done:
"We clearly haven't done as much as what we've seen elsewhere, and business need to get that confidence boost that this is going to happen.
"The spending to date has been predominantly to households, it has been flowing through the firms, but that has been predominantly to households.
"Government has actually done very little in terms of support and investment measures for business."
