Business

Landmark All Island Economy Research Project set for launch

The new all-island project will work to develop a data-based, statistical macroeconomic model for Northern Ireland.
The new all-island project will work to develop a data-based, statistical macroeconomic model for Northern Ireland. The new all-island project will work to develop a data-based, statistical macroeconomic model for Northern Ireland.

A LANDMARK new research project is set to be launched next week in order to develop a data-based, statistical macroeconomic model for Northern Ireland.

The All Island Economy Research Project is a three-year venture being undertaken by the Economic and Social Research Institute (ESRI) in Dublin; the London-based National Institute of Economic and Social Research (NIESR); and Irish business group Ibec.

It comes amid escalating tensions over the economic impact of the Northern Ireland Protocol; potential trade diversion; and the ongoing debate over Irish unification.

The bodies behind the initiative say: “The absence of a data-based, statistical macroeconomic model for Northern Ireland, similar to what is available for Ireland and the UK, has long been identified as a significant gap for both forecasting exercises for the Northern Ireland economy and in assessing the impact of key events and policy measures on an all island economy basis.”

Along with developing such a model and linking it to macro-models of the Republic and the wider UK, the three-year research project will also produce a range of other micro policy analysis papers, including one examining the impact of Brexit on cross-border trade on the island.

The All Island Economy Research Project will be launched via an online event on November 16, featuring input from ESRI director Alan Barrett, NIESR director Jagjit Chadha and Danny McCoy, chief executive of Ibec.