Surge in economic growth requires new ambition – Ibec

Surge in economic growth requires new ambition – Ibec

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Ibec has said Quarterly National Accounts show the Irish economy is on course to achieve growth rates similar to that of the late 1990s.

Speaking about the esults Ibec CEO Danny McCoy said, “GDP figures per capita are ahead of pre-crisis levels for the first time and in turnover terms the economy is growing at approximately 12%, which will lead to a significant improvement in debt and deficit figures”.

“Improvements in growth prospects and the jobs market will lead to emigrants returning home and a turnaround in net migration. Coupled with a very high level of natural population growth, we are set to see a rapid acceleration in our population over the coming years. Years of under-investment in infrastructure, health and education means we are unprepared to meet this demographic and economic upturn. A chronic under supply of housing has had huge social and economic consequences around the country. Last year, just 2,800 new units were built in the capital when we need double that every year, rising to 8,900 by 2018”.

“The reality is we are in danger of making the same mistakes we made in the late 1990s, of underestimating the turnaround in the economy and not investing ambitiously enough”.

“We have a limited window to plan for these pressures and we urgently need to see a mind set change from our policymakers. We need to learn from past mistakes and plan ambitiously for our future and for that of our children”, concluded Mr McCoy.

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