Finance Minister Paschal Donohoe has said that the coronavirus crisis has resulted in a "severe recession", with the economy set to shrink by 10.5% this year.
As the government's Stability Programme Update was published today, he also warned that the unemployment rate would reach 22% in the second quarter before averaging out at 13.9% for the year.
Ian Guider, markets editor of the Business Post, brought us this story and more in our daily business update, including:
- New report warns 10,000 jobs are at risk in the dairy sector
- US oil prices turn negative for the first time ever
- Cath Kidston to close all 60 UK stores
Listen to the interview in full by pressing the play button on this page.
