The domestic economy could expand by just over 2% annually over the next decade, according to a projection by the Economic and Social Research Institute.
The new study also examines how Ireland would respond to potential shocks.
It said Ireland's economy successfully weathered the negative effects of Brexit, Covid-19 and energy price spikes.
But it adds the country is highly vulnerable to external risks from a "pessimistic global economic environment" driven by changing US trade policy and global uncertainty.
It said Ireland’s reliance on multinationals for employment and corporate tax revenue is the main driver behind the potential threats.
Its main assumption is that the domestic economy will grow by 2.3% annually until 2030 and by 2.1% in the five years until 2035.
The ESRI has said its Economic Outlook is not an economic forecast but is a projection before the effects of any shocks to the economy are taken into account.
The report analyses how Ireland might be affected in a range of different scenarios.
It said that in the event of global slowdown, a 5% drop in export demand for Irish commodities could reduce the country’s national income by 3.2% and hit consumer spending by 6.4% by 2030.
The study said a loss in competitiveness could see a 5% fall in incomes and an 8.6% fall in consumer spending.
It also models the effect of a drop in foreign direct investment.
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It said this could result in a 2.5% fall in employment and a 1.5% increase in unemployment.
The study found that an increase in productivity could result in a 2.4% rise in gross national income above the baseline projection for the economy.
Director of the ESRI Martina Lawless said: "The baseline projection of our economic outlook is one of sustained but moderating growth rates over the next decade."
She added that after 2035 Ireland will experience the effects of an ageing population and climate change costs.
"Investment in education, public infrastructure, research and development - are critical to mitigate the risks and place the country in a strong position to take advantage of opportunities," she stated.
Speaking on RTÉ's Morning Ireland, Ms Lawless said that while a ten-year horizon was difficult to predict, they expected the economy to grow.
"We’re talking more in terms of what we would expect if nothing external knocks the economy of course and then putting a lot of focus on a number of scenarios where we see the biggest risks for the economy."
