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Why 'new normal' post-coronavirus may end up prolonging any slump

Margaret Canning


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'The working from home trend will hit businesses like sandwich and coffee shops, and restaurants. Corporate entertaining has stopped, which cuts off a comfortable stream of revenue for many'

'The working from home trend will hit businesses like sandwich and coffee shops, and restaurants. Corporate entertaining has stopped, which cuts off a comfortable stream of revenue for many'

'The working from home trend will hit businesses like sandwich and coffee shops, and restaurants. Corporate entertaining has stopped, which cuts off a comfortable stream of revenue for many'

Finance Minister Conor Murphy has predicted a "severe" recession as a result of the Covid-19 pandemic. The worlds of business and economics agree with him.

But how might the present recession, which is likely to have already begun, differ from the last (2008-2012)? It was characterised by waves of job losses in certain sectors and repossessions following the property bubble burst, banking crash and credit crunch.

Back then the construction, manufacturing and retail sectors were badly hit by job losses, which brought unemployment to a peak 8.3% at the start of 2013 - a record that at least one economist thinks will be surpassed this time.


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