Market Research Report
Retail Banking in Ireland: Coronavirus (COVID-19) Sector Impact
|Published by||GlobalData||Product code||939317|
|Published||Content info||18 Pages
Delivery time: 1-2 business days
|Retail Banking in Ireland: Coronavirus (COVID-19) Sector Impact|
|Published: May 18, 2020||Content info: 18 Pages||
The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020.
Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with key markets across the world losing 20-50% of their value for the year to date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020 and many experts predicting the onset of recessionary environments.
Government measures to contain the virus are set to have an impact on the country's economy, with the majority of commercial activities coming to a halt. The Central Bank of Ireland estimates a decline of 8.3% in the country's GDP in 2020 if the current containment restrictions last for three months. The central bank also expects the unemployment rate to be around 25% during the second quarter, up from 4.8% at the beginning of the COVID-19 outbreak. This severe economic disruption will impact the country's banking industry.
This report focuses on the impact of the coronavirus outbreak on the economy and the retail banking industry in Ireland. Based on our proprietary datasets, the snap shot provides a detailed comparison between pre-COVID-19 forecasts and revised forecasts of total mortgage, consumer, credit card loan balances as well as deposit balances in terms of value and growth rates. It also offers information on measures taken by the government to combat coronavirus.