Shocks to financial markets, rising oil and gas prices, and heightened economic uncertainty are the three main potential effects of the escalating Middle East conflict that the Department of Finance is preparing for, the Tánaiste has said, reports Breaking News.
Speaking to reporters after a Government Trade Forum meeting, Simon Harris was asked about concerns over potential price increases. He said: “I am concerned. The three things I’m most concerned about at the moment are the degree of economic uncertainty this conflict injects into a world where there is already a lot of uncertainty. The impact on commodity prices, which include oil and gas, and the potential risk of shocks to the financial markets,” reports Breaking News.
He said he had instructed his department to carry out an economic analysis of the situation and that they would “update our forecasting and our projections for the Irish economy by the end of the month”.
Mr Harris acknowledged that “this is very, very early days, reports Breaking News.
He added: “This is something that happened over the course of the weekend.
“There’s a huge amount of unknowns at the moment,” reports Breaking News.
“Does this situation de-escalate relatively quickly? Is this something that goes on for a prolonged period of time? And the difference between those two things economically could be very significant,” reports Breaking News.
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