Market Research Report
Retail Banking in Ireland - Coronavirus (COVID-19) Sector Impact
|Published by||GlobalData||Product code||955202|
Delivery time: 1-2 business days
|Retail Banking in Ireland - Coronavirus (COVID-19) Sector Impact|
|Published: August 20, 2020||Content info:||
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 most countries across the world registering declines in their economic growth for the year to date. Many economists and institutions have cut their forecasts, as a number of countries officially slipped into recession in Q1 2020.
The Irish government's measures to contain the virus have significantly impacted the country's economy, with Ireland now facing a worse recession than in the aftermath of the global financial crisis. However, with the phased reopening now in progress, consumer spending is expected to rebound in the second half of the year, and the gradual revival of the economy will eventually benefit the 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.