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NI could face even worse economic slump with 11% shrink feared by leading bank

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Cautious: Dr Esmond Birnie. Photo: Kevin Scott / Belfast Telegraph

Cautious: Dr Esmond Birnie. Photo: Kevin Scott / Belfast Telegraph

Kevin Scott / Belfast Telegraph

Cautious: Dr Esmond Birnie. Photo: Kevin Scott / Belfast Telegraph

Northern Ireland's economy could shrink by around 11% in 2020, according to a report predicting an even greater economic hit than expected.

Danske Bank said it is revising down its earlier forecast for a 7.5% slump as a result of the impact of coronavirus pandemic and lockdown.

And the unemployment rate could reach over 5.5%, compared to a pre-Covid-19 rate of 2.3%.