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Taoiseach Leo Varadkar has outlined the key risks facing Ireland as part of the National Risk Assessment 2017 report.
Unsurprisingly, Varadkar has identified Brexit as a significant risk to Ireland and stated that; “Brexit represents an overarching theme that could have far-reaching impacts on nearly all aspects of national life.”
This is the fourth National Risk Assessment report and in the foreword of the report, Varadkar said that national well-being has improved since 2014, but he warned against complacency.
Along with Brexit, possible changes to US trade and tax policy present risks to the Irish economy and ongoing internal risks include legacy issues and competitiveness pressures.
The report also stated that continued housing supply constraints, changing demographics and potentially unrealistic expectations for public expenditure are also significant risks.
Some of the other key risks outlined in the report include;
- The changing distribution of global influence
- Terrorist incidents
- A possible over-reliance on multinational corporations
- Climate change
- Data fraud/theft
In regards to Ireland during Brexit negotiations, there are a number of areas of concern for Ireland.
- Trade and the economy: Any new trade deal could include tariffs and non-tariff barriers which would increase the costs of doing business and reduce Irish competitiveness
- Peace process and Northern Ireland: The preservation of the Good Friday Agreement is a priority as well avoidance of a hard border. Either of these scenarios could have significant ramifications for the peace process and the social and economic well-being of Ireland
- Common Travel Area: Maintaining the Common Travel Area will require close work with the UK and understanding from EU partners.
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Influence the future of the EU: The report states that Ireland needs to remain vigilant and active in pursuing its interests as well as building new shared interests.
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