Updated: 07/12/16 : 11:25:26
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Brexit will 'create significant job losses' in Ireland - German report

A new report has warned that Brexit will create significant job losses, damage economic growth and harm trade in Ireland.

The document, put together by influential German business leaders, says Ireland will suffer most from the UK's exit of the European Union if our special circumstances are not understood by other EU capitals.

According to the Irish Independent, the report explains the impact Brexit will have on key industries including the agri-food and tourism sectors.

The report by the German Chambers of Commerce Worldwide and the German-Irish Chamber of Commerce said: "Ireland, as the EU member state most connected with Britain, will suffer most from the market volatility and unpredictability that Brexit brings in its wake.

"This report highlights how Brexit will damage Ireland's economic growth, harm trade and create significant job losses.

"The report also explains how Brexit will have distressing consequences for Ireland's key industries, including the FDI sector, agri-food, and tourism, and how Brexit could seriously impinge on Ireland's energy security," it said.

The alarming report also said a 'hard Brexit' with harsh terms for Britain could actually force Ireland towards the EU exit door.

"By imposing very harsh terms on Britain to discourage other member states from exiting the EU, the EU need to actively consider whether this will build momentum towards an 'Irexit', further undermining European cohesion," the report said.

"The purpose of this briefing paper is to make clear how intrinsically linked the Irish and British economies are and how Ireland will unduly suffer because of Brexit if Ireland's special circumstances are not understood in Brussels, Berlin and all of the EU capitals," the report said.