Sinn Féin Economy Spokesperson, Caoimhe Archibald MLA, has said the economy in the North must be transformed as we tackle the economic crises induced by COVID-19.

The East Derry MLA was speaking following the publication of Ulster Bank’s October PMI Report which shows that the north’s economy is set to contract by around 15% this year amid the effects of the coronavirus pandemic.

Caoimhe Archibald said:

“The unfortunate side-effect of the necessary and urgent interventions to protect lives is a growing economic crisis.

“Along with demand for new orders decreasing for the third month running, there was a further sharp decline in export orders while redundancies due to COVID-19 rose.

“The belated extension of the furlough period until the end of March 2021 will provide some much-needed temporary relief for businesses, workers and their families.

“However, this economic contraction could have generational impacts for the island of Ireland, particularly in the north, where economic growth, productivity and wages are lower than anywhere else in these islands, and where economic inactivity is the highest.

“Brexit has also caused, and continues to cause, disruption and uncertainty for the local economy.

“What is clear however, is that in planning the economic recovery from COVID19, it is the time to really deal with the structural issues in our island economy and have a conversation about real economic powers for the North of Ireland.

“We cannot be passive bystanders and accept whatever this Tory government decides is right for Britain, to apply here.”