- Nineteen prisoners use cutlery to break out of cells at Winchester prison
- France wants progress in Ukraine before Russia returns to G7
- Italy president begins talks to seek way out of government crisis
- Italian PM expected to resign as political chaos deepens
- Russia says US cruise missile test ‘regrettable’
- Kremlin - No date set for Normandy talks on Ukraine despite Macron meeting
- Egypt court hands out 6 death sentences on terror charges
- Putin says Russian nuclear explosion poses no threat
- Russian panel eyes alleged foreign interference in protests
- Gran Canaria wildfire triggers evacuation of thousands of people
- PM Johnson calls on Germany and France to compromise on Brexit
- Sudan's ex-president Bashir arrives at corruption trial
TEHRAN, Jun 26 - Ireland's fast growing economy could suddenly contract if Britain crashes out of the European Union without a deal, a prospect that has become more likely, Prime Minister Leo Varadkar said on Wednesday.
TEHRAN, Young Journalists Club (YJC) - Ireland's economy is considered the most vulnerable among remaining EU members to Brexit and prompted the government to set out two budget strategies for 2020 on Tuesday, including a no-deal Brexit scenario forecasting a potentially sharp return to budget deficit to absorb the shock.
In those forecasts, Ireland's finance ministry reiterated its view that gross domestic product growth would fall to anywhere between zero and 1% in 2020 if Britain crashes out of the bloc later this year, rather than growing by the forecast 3.3 percent if its neighbor secures an orderly Brexit.
However, Varadkar warned in could be worse.
"In a no-deal hard Brexit - in which case we won't have to worry about the economy over-heating - it will slow down rapidly, even contract," he told an annual budgetary conference, adding that he would publish an updated no-deal contingency plan next month setting out further government actions to be taken.
Source: Reuters
Your Comment