Are we really in a recession?

By September 11, 2020 October 2nd, 2020 No Comments
Are we really in a recession

Are we really in a recession? We heard this week from the Minister of Finance that Ireland is now officially in a recession due to the impact that Covid 19 has had on our economy. I am wondering, is it really? Having lived through the last recession of 10 years ago, I find this one quite different. So, hear me out. Ten years ago, was an excessively big blow to our economy. We saw mass unemployment due to a lot of businesses going bust because of the global economic situation. I remember reading a story where a McDonalds restaurant had an opening for a team member and over 100 people showed up for the interview. This would not happen today.

Yes Covid 19 has had an unbelievably bad impact on our society. Lots of people have lost their jobs across all sectors, some are still waiting to get back to theirs when they fully reopen. However, unlike the previous recession, where some of us are working less and less, the other half of the coin is that some businesses have never been busier and continue to trade exceptionally well in this climate. Thus, creating jobs in our economy, where previously this was not the case

There is still a lot of money in the economy, even the government are asking us to spend it by doing staycations and buying local.

One of the worse hit sectors has been the hospitality and tourism industry. Having been forced to close for so many months a lot of jobs were lost in this sector. However, I do believe that we will recover, slowly yes but also quicker than we did previously. We just need to slowly begin to start living with Covid and following the guidelines of government about how to go about our daily lives.

Ireland, down yes but certainly not out. Covid you may have won this battle for the moment, but you will certainly not win the war. As a nation we will recover!

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