220,000 jobs will be permanently lost by the end of the year, while there are fears we're entering the worst recession since the Great Depression of the 1930s.
The economy is expected to contract by more than 10 per cent this year - with unemployment forecast to reach its highest ever level at 22%.
Things will recover a certain amount in the second half of the year - but the economy won't return to pre-crisis levels until 2022.
The forecasts are based on the restrictions being in place for three months and get worse if they last longer.
Finance Minister Paschal Donohoe has said: "Given the extraordinary economic situation that now confronts us, we have kept the assessment to the current year and next year.
"We now expect growth domestic product to contract by around 10.5% this year.
"We are now clearly in the midst of a severe recession, both domestically and globally."
