Ireland could lose €2bn a year if UK leaves EU in 'best case scenario'
Ireland could be even harder hit than the UK itself if Britain decides to leave the EU, a leading London economic think tank has predicted.
Open Europe has claimed in a new economic study that in a best-case scenario where a “Brexit” occurs, Ireland would lose 1.1pc of its GDP by 2030, the equivalent of almost €2bn annually by today’s standards.
The report states: "Perhaps unsurprisingly, given the geographic proximity and high levels of trade, our modelling suggests that Ireland would be hit hardest [if the UK was to leave the EU]".
However, the think tank added that if Britain was to revert to World Trade Organisation rules, that Ireland “could see a permanent loss to GDP of 3pc by 2030. This means Ireland would actually be worse off than the UK in such a scenario”.