Image: Brian O'Leary via RollingNews.ie Image: Brian O'Leary via RollingNews.ie THERE WILL BE a negative impact on Ireland’s economy in the long-term as a result of Brexit, a new report by the ESRI and Department of Finance has estimated.
The report released today has focused on three main scenarios post-Brexit – a deal, a no deal and a disorderly no deal, while acknowledging that other outcomes are possible. “The impact of each Brexit scenario is considerable and will have negative effects throughout the economy on the household sector, the labour market, firms and the public finances,” lead author of the report Adele Bergin said.
In the no-deal scenario, the UK exits the EU without a deal but there is an orderly period of adjustment for trade. Ultimately, WTO tariff arrangements will apply to goods trade, there will be non-tariff measures, and services trade will also be negatively impacted. This report comes after the Central Bank in January published its economic forecast for how Ireland would fare in the event of a no-deal Brexit.