The Central Bank is warning that Ireland’s economic growth will be “significantly” affected in the event of a ‘No Deal’ Brexit.
In its first Quarterly Bulletin, the bank expects economic growth to slow this year from 5.5 percent to 4.4 percent.
But it says that a disorderly Brexit at the end of March could lead to a dramatic drop of roughly 4 percent in GDP over one year, with a further decrease over the next decade.
Britain leaving without a deal could also lead firms to cut back investment in Ireland, consumers spending less and immediate disruption to financial markets.
Mark Cassidy, Director of Economics and Statistics at the Central Bank, says a ‘No Deal’ scenario would have long term implications:
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