Newstalk
Newstalk

08.04 26 Jun 2017


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The Republic of Ireland is set to create 91,000 net new jobs by 2020, according to the latest EY Economic Eye Summer Forecast.

GDP growth is expected to reach 2.6% in 2017 and an average rate of 2.6% between now and the end of the decade.

However, it notes that Brexit remains a serious threat to the economy.

"Six months on from our last forecast, there is no more clarity on exactly what shape Brexit will take, and in the absence of information on trade deals, customs and border plans, and migration policy, caution must be placed on any forecasts," Professor Neil Gibson, Economic Advisor to EY Economic Eye commented.

"The exit process for the UK is likely to be fairly bumpy, and although it makes clear economic sense to arrive at a sensible trade arrangement, that cannot be assumed. That said, the Republic of Ireland economy is enjoying a sustained period of job growth, and a healthy balance between exports, consumer and government spending suggests that the economy is well placed to meet these challenges," he continued.

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Retail Ireland is meeting with representatives from the British and Northern Ireland Retail Consortiums today to analyse the challenges for businesses.

Their main priorities are safeguarding jobs and controlling costs.

"More than 280,000 jobs in the Republic of Ireland and approximately 80,000 jobs in Northern Ireland are dependent on the retail sector. It is vital that these jobs are protected, whatever the outcome of Brexit negotiations may be," Thomas Burke, Director of Retail Ireland commented.

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Residents living near a future second runway at Dublin Airport will be offered 30% above market value to sell their homes.

The project - given the go ahead in 2007 - has been revived given the changing economic climate and an increase in passenger numbers.

According to The Irish Times, those interested will have three years after it opens - expected to be in 2021 - to decide whether or not to sell their homes.

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Full details of the British Government's post-Brexit "settled status" that will be offered to EU nationals in the UK will be published later.

The plan guarantees permanent "settled status" for 3.2 million EU citizens who have been in the UK for five years, including rights to residency, healthcare, education, employment, benefits and pensions.

Brexit Secretary David Davis said full details of the proposals would be set out in a 15-page document today after EU leaders reacted dismissively to outlines of the plan revealed by Theresa May last week.

Mr Davis insisted the residency rights package for EU nationals would mean they would "effectively" have the same rights as British citizens.


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