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Coronavirus: Conor Murphy says NI facing very severe recession
May 26, 2020
Northern Ireland faces a "very severe" recession following the coronavirus crisis, Finance Minister Conor Murphy has warned.
Mr Murphy said the post-pandemic landscape would feature "major challenges".
Northern Ireland has taken its initial steps out of lockdown, with the reopening of garden centres, churches for private prayer, and golf courses.
However, many businesses will not be able to reopen until later in the year.
"We recognise inevitably businesses will suffer and jobs may go, but we're obviously trying to mitigate against that as best we possibly can," Mr Murphy told Good Morning Ulster.
"I think it is going to be very severe [a post-pandemic recession], and what we have to take into account is the impact of Brexit - that was something that was always going to be very economically challenging for us.
"We recognise there are a number of very serious challenges ahead, challenges that will last for some time, and what we want to do is try to support business to meet those challenges."
The executive has published a five-stage plan for recovery, but this does not give indicative dates of when each stage might come into effect.
NI economy 'to shrink by 7.5% this year' How will NI companies adapt to the 'new normal'? How businesses are adapting to life in lockdown
"There are very real challenges ahead," Mr Murphy said.
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