Dr. Kieran McQuinn:

I think everybody knows which they are. They include sectors such as hospitality, food, entertainment, retail, tourism and so on. They are the major sectors that have been shut and they will have SMEs potentially carrying levels of debt that may make it difficult for those firms to return to a normal level of economic activity any time soon. Even after the initial shutdown, there was a strong bounceback in quarter 3 and into early quarter 4. The danger for us, which is one of the factors we have been trying to assimilate in our forecast, is that the longer the economy and a significant number of sectors are in shutdown mode, the greater will be the risk of scarring effects and the slower the path back to the employment levels of pre-pandemic.

The sectors are easily identifiable. They are simply those that have been most significantly shut.