IMF: Brexit is most pressing challenge for Ireland

IMF: Brexit is most pressing challenge for Ireland

The International Monetary Fund reckons “Brexit represents the most pressing and far-reaching challenge for Ireland.” In the Concluding Statement of an official mission visit, it noted that while the impact to date has been modest, the overall effects over the medium term are expected to be negative and significant.

“Risks are most acute for traditional sectors that depend on trade with the UK, with potentially sizeable consequences for activity and employment outside of the main urban centres. The special issues related to the border with Northern Ireland have also been recognized. The authorities are actively engaging with partners in the UK and across Europe, and working domestically to develop a set of measures to respond. Ensuring timely and well-targeted action will be key.”

The IMF also noted that while Irish banks continue to strengthen their balance sheets and are profitable, “challenges remain, including from Brexit.”