That's according to leading economist Cormac Lucey.
A record breaking recession was announced in the UK three weeks ago, with concerns Ireland could soon follow suit in the wake of a three month nationwide lockdown in March, April and May.
Retail stores opened in June, however a number of high street shops have already shut their doors in Cork including Debenhams, Oasis, Warehouse and Clark's.
The latest exchequer figures from the start of August show the budget deficit increased to €7.4 billion in July as a result of the lockdown.
Speaking to RedFM News, economics columnist with the Sunday Times Cormac Lucey outlines how fear of the pandemic has a knock on effect on the economy:
