Ibec says that the General Election has lead to short-term uncertainty, but not radicalization of Irish politics, the economic outlook is positive, and that parties must work to forge a stable political environment.
Ibec CEO Danny McCoy is expected to tell an audience of senior European business leaders and policy makers that Irish business retains a very positive outlook on the Irish economy, despite uncertainty over the next government, when he speaks at the BusinessEurope Day conference in Brussels today (3 March).
He will say on the election results, "Historical party-political reasons will complicate the formation of the government
"However, the Irish economy continues to perform very strongly. We are unlikely to see any fundamental shift in the economic approach over the coming years."
"This is good news for those planning on creating new jobs and investing in the country. Ibec’s Irish GDP growth forecast for 2016 remains unchanged at 4.3%."
He plans to go on to say that a protracted period of political uncertainty would be unwelcome from a business perspective, and so it is important that all of the mainstream parties work together to ensure a stable environment for policy making and key legislative initiatives, like the budget.
McCoy will note as well that the UK’s upcoming vote on whether or not to leave the EU has the potential to have a profound effect on Europe, and on Ireland in particular.
"It is crucial that we have a stable political backdrop to ensure Ireland is in a strong position to effectively manage every eventuality," he will say.
He will conclude by saying that the next government’s challenge, regardless of which parties make it up, will be to make sure that the economic progress of recent years continues.
"Years of under investment, combined with demographic pressures, mean Ireland will require greater flexibility in the application of EU investment rules over the coming years."
"President Juncker’s investment plan is a very positive development, but is only part of the solution. This issue will need to be revisited at a European level. While we need to spend sensibly, we must invest ambitiously in transport, education and broadband to support growth and job creation."
© 2016 - Checkout Magazine by Jenny Whelan.
