The unemployment rate may reach a high of almost 25 per cent this year.
The Central Bank has made the prediction as part of an analysis of the economic impact of COVID-19.
The unemployment rate at the start of the year was less than 5 per cent.
The Central Bank's Mark Kinsella believes some jobs will be permanently lost.
"Not all jobs will be regained.
"We will see despite the government effort, we will see firm closures, and therefore we will see permanent job losses, in addition to a delay in reemploying people."
