The Republic of Ireland is set to create 91,000 net new jobs by 2020, according to the latest EY Economic Eye Summer Forecast.

GDP growth is expected to reach 2.6% in 2017 and an average rate of 2.6% between now and the end of the decade.

When you factor in Northern Ireland, the forecast average growth rate for the island drops to 2.4%.

Brexit is highlighted as the main threat to both economies.

"Six months on from our last forecast, there is no more clarity on exactly what shape Brexit will take, and in the absence of information on trade deals, customs and border plans, and migration policy, caution must be placed on any forecasts," Professor Neil Gibson, Economic Advisor to EY Economic Eye commented.

"The exit process for the UK is likely to be fairly bumpy, and although it makes clear economic sense to arrive at a sensible trade arrangement, that cannot be assumed. That said, the Republic of Ireland economy is enjoying a sustained period of job growth, and a healthy balance between exports, consumer and government spending suggests that the economy is well placed to meet these challenges," he continued.

EY notes that it believes that north and south of the border will experience very different "Brexit journeys."

Country Managing Partner for EY Ireland Mike McKerr believes that the island needs to concentrate in improving their competitiveness regardless of how Brexit develops:

"Government, the EU and public-private partnerships must not only continue to work together to scenario plan, but collaborate to enhance Ireland’s competitiveness. Brexit cannot be allowed to distract from the long list of 'need done' items which will allow Ireland to continue to compete as a world leader – whether it be in terms of our infrastructure, our attractiveness as a destination for top talent, or our reputation as a hub for digital and innovation," he commented.