Ireland sees GDP shrinking 10.5% in 2020; deficit of 7.4% of GDP

Ireland expects gross domestic product to fall by 10.5% in 2020 but recovery swiftly to grow 6% the following year, the finance ministry said on Tuesday.

The country expects to post a deficit of 7.4%, or around 23 billion euros, which would result in an increase of the country's debt-to-GDP ratio to 69.1% from 58.8% at the end of 2019, the ministry said.