World Economy

Ireland Says Will Suffer Under Brexit

Ireland Says Will Suffer Under BrexitIreland Says Will Suffer Under Brexit

Ireland’s economy will be hit hard by the impacts of Brexit whatever the outcome of negotiations between the UK and the European Union, Dublin has been warned in a project fear report.

The Irish government has said advice outlined in the economic report to help prevent the worst from happening post Brexit will be acted on, DailyMail online reported.

Business Minister Heather Humphreys raised the findings of the government-commissioned report to the cabinet on Tuesday. The independent study by Copenhagen Economics calculated the impact of Brexit on Ireland’s trade and economy.

It identified four scenarios, and in the worst outcome the Irish economy would grow by 7% less than if the UK was not withdrawing from the EU. In the best scenario the Irish economy would grow by 2.8% less. The report was commissioned by the Irish government.

Irish Farmers’ Association president Joe Healy said the findings of the report were stark for farming and food in Ireland. “We are not surprised to see that our sector faces such a catastrophic outcome in the event of a hard Brexit,” he said. “The severe impact across the board is something IFA has raised at all political levels since before the referendum.”

Healy said the warning should serve to refocus government efforts towards securing an outcome that avoids the bleak scenario for the country’s largest indigenous sector.

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