Central Bank warns economy could shrink by up to 14%

Central Bank warns economy could shrink by up to 14%

The Central Bank has said there is considerable uncertainty attached to its forecasts. It believes GDP could fall this year by 9% under its baseline scenario and 13.8% under its “severe” scenario. GDP will not get back to 2019 levels until 2022. It cautions that any recovery will still be tempered by precautionary behaviour and continued social distancing.

By Miki