Confidence growing in Irish economy despite ‘Brexit challenges’
Ireland’s priority in the Brexit negotiations is to ensure 1998’s Good Friday Agreement is protected, as well as maintaining close as possible ties between the EU and the UK, explained Dublin’s ambassador to Germany. Michael Collins has been the Republic of Ireland’s ambassador to Germany since 2013. He was Dublin’s man in Washington for six years prior to that.
Even though Ireland went through a difficult time, the upturn has now begun. That’s despite the difficult regional and global situation. EU membership is a central factor in our open, competitive economy. Public support for the EU is among the highest of all the member states. According to a Eurobarometer survey carried out in autumn of last year, the euro enjoys the support of 85% of people. That’s the second highest rate in the EU. We regret the decision of the U.K. to leave the EU. As far as we are concerned, our future lies in the EU and that will contribute to our success.
Ireland has seen a strong economic upturn in recent years. It’s across the board but export growth and domestic demand have been major contributory factors. As a result, Ireland was over the last three years the fastest growing member state. This growth has been accompanied by a significant fall in unemployment. At the beginning of 2012, it reached a peak of 15%. In April of 2017, it had shrunk to 6.2%.
Investor confidence and growth outlooks are positive. Our public finances are also on a firm footing, as the level of debt is below the EU average and on a strong downward curve. The Irish banking system is also much stronger these days. Overall, confidence in our economy has been strengthened at both international and national level, despite the challenges posed by Brexit.
We are in the fortunate position of being able to tackle the challenges of Brexit from a strong position, thanks to solid and determined economic policies implemented in recent years. The possible impact of Brexit is nonetheless of great concern to Ireland, as certain sectors like agriculture face particular challenges ahead.
But we are optimistic that the Irish economy will remain on a growth path. To counter these risks, the government is working to manage the economy and public finances carefully. Our aim would be an agreement between the EU and the UK that allows for the closest possible relations and ensures a strong and well-functioning EU. Supporting Irish companies is a priority given the current situation.
It is the Irish government’s top priority to avoid a hard border and to protect 1998’s Good Friday Agreement. The creation of a hard border would have significant and negative consequences for businesses and citizens, especially those on either side of the 500km-long border. Given the roughly 30,000 cross-border trips, whether they be for work, study or leisure, the social consequences and impact of a hard border on the daily lives of citizens cannot be underestimated.