The Government has been warned that the rise of Islamic terrorism and the possibility of Britain exiting the European Union are among the key risks facing Ireland.
The National Risk Assessment 2015 report also raised concerns over the "misalignment" of the property market and the impact of the Greek economic crisis on Ireland.
The report said the housing shortage was an "immediate issue of concern" which could have long-term economic consequences.
It warned that rising house prices were making home ownership less attainable and this was increasing prices and feeding into the homelessness crisis.
"An important side-effect is that a lack of housing and associated high prices and rental costs could affect Ireland's attractiveness for inward investment and skilled migrants," it said.
The review warned that the rise of Islamic terrorists, such as Isil, leave Ireland open to a possible terror attack. An attack here could negatively impact on the tourism industry, the report stated.
"There is also the possibility that Ireland would be used as a location from which attacks could be launched. Such incidents would be likely to cause extreme disruption in the short term. More damaging might be longer-term reputational damage to Ireland as a safe and secure destination," it stated.
The report said financial sentiment towards Ireland was improving, but warned that conditions could "unwind rapidly".
It warned that "turbulence" in the eurozone could raise doubts about the long-term sustainability of the monetary union.
The review found the public's expectation of more tax cuts and public spending was a risk factor, and noted that tensions may develop due to restraints on the Government's purse strings.