The Taoiseach has said he cannot rule out Ireland entering recession as a result of the war in Ukraine.
Micheál Martin said current projections see the economy continuing to grow, but cautioned the international situation is highly uncertain.
The State does not have an estimate for how much the war will cost from a financial point of view, and Mr Martin said Ireland entering recession is something which cannot be completely ruled out.
“I can never promise anybody about economic cycles,” he told reporters from Washington DC.
“We’re an open exporting economy, and so we export to markets like the United States, like the European Union, that are big markets for us.
“If they come under pressure, invariably our companies don’t sell as much in terms of European consumers and industry and so on.”
Military power
The Taoiseach also said Ireland will not be sending military supplies or aid to Ukraine, following Ukrainian President Volodomir Zelensky's address to the US congress.
“Ireland is not a military power. Let’s call a spade a spade, we’re not a military power,” Mr Martin said.
“Our greatest strength is in the humanitarian side, our greatest strength is in the peacekeeping side to be frank, that’s what we do well, and also in terms of giving any supplies we can - which we have.”
As he continues his four-day visit to the United States for St Patrick’s Day celebrations, Mr Martin’s meeting with US Vice President Kamala Harris has been cancelled after her husband tested positive for Covid-19. He will meet with President Joe Biden tomorrow.
