ESRI warns of Irish recession over Strait of Hormuz closure

The Oireachtas Committee on Budgetary Oversight has heard that if oil prices reached $140 (€120) a barrel, Ireland would be worse off by €7.5 billion, or 2.5% of national income.On a national scale, depending on how high oil prices go, this could necessitate Government borrowing as soon as next year…Joining Shane to discuss this is Adjunct Professor at Trinity College Dublin and Research Affiliate with the ERSI, John FitzGerald.Image: Reuters