Oireachtas Joint and Select Committees

Thursday, 30 May 2019

Public Accounts Committee

2017 Annual Report of the Comptroller and Auditor General and Appropriation Accounts
Vote 7 - Office of the Minister for Finance
Chapter 1 - Exchequer Financial Outturn for 2017
Chapter 22 - Irish Fiscal Advisory Council

9:00 am

Mr. John McCarthy:

I can get the figure. We have estimated that over the medium term, a disorderly exit would take approximately five percentage points off the level of GDP. After that decade, if there was no policy response, the deficit would be one percentage point worse than otherwise would be the case. For regular people, this means the unemployment rate would be two percentage points higher than in our baseline scenario. It would have an impact on growth, the public finances and the labour market, which is where people would feel it most.

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