Preparing for Brexit on WTO [World Trade Organisation] terms also presents an opportunity to force the European Union back to the negotiating table to get a better deal for Britain.
If Theresa May is able to get her withdrawal deal through the British parliament and a transition period is set out, then the Irish economy would grow by 4.4 per cent this year and 3.6 per cent next year, the Bank said.
Concern about a "backstop" agreement for the border between the British province of Northern Ireland and the Republic of Ireland has been a major sticking point for Conservative Brexit supporters, who fear the European Union will use it to extract concessions on British sovereignty after Brexit.
DUP deputy leader Nigel Dodds rejected his analysis as "not a constructive contribution" and told Mr Varadkar to "tone down the rhetoric".
Speaking from Davos where he is attending the World Economic Forum, Mr Varadkar said it was "very unlikely" that Brexit would never happen.
Mr Harrington said he was "delighted" Mr Enders was "telling it like it is".
'In any case, the Taoiseach's comments about the Belfast Agreement actually ride a coach and horses through that Agreement. We are getting nearly daily warnings from businesses trying desperately to get the government to come out of its stupor and act, rather than just let the clock run down.
Mr Varadkar's claims were condemned as "reckless and irresponsible" by Sinn Féin president Mary Lou McDonald.
"The Prime Minister should do the right thing and take no-deal off the table so that genuine dialogue can take place", she said.
Following the interview an Irish government spokesperson moved to clarify Mr Varadkar's remarks.
An article on the Sky News website says Airbus executive senior vice president Katherine Bennett "exclusively revealed" the company has been "recruited by the United Kingdom government in a bid to stave off exiting from the European Union without a deal." .
The headache for all sides is that while a policed border brings back memories of Northern Ireland's recent violent past, Brexit makes the frontier the limit of the bloc's single market and customs union, and the EU needs to turn away goods or food products that do not meet its standards.
In Westminster, opponents of the backstop fear it will not just be a temporary measure if not future trade deal is agreed.
Downing Street said it is continuing conversations with MPs to address a range of concerns about the backstop. "They are wrong", he said.
A "potentially large depreciation of sterling" and more expensive food because of tariffs is also predicted.
The economy is expected to eventually adjust in the long-run.
What's interesting is that, since the delay of the Brexit vote on December 10 a year ago, the pound has actually strengthened by 3% and the "Brexit sensitive" stocks have outperformed their peers by 1.9 percentage points, indicating the overall bullishness among investors for a positive Brexit outcome.
Unison's Dave Prentis said a no-deal Brexit "must be avoided at all costs", while GMB general secretary Tim Roache said: "We can't carry on like this".