Economic success presents next Government with a generational opportunity to address barriers to growth and future investment

Economic success presents next Government with a generational opportunity to address barriers to growth and future investment

September 03, 2024

• Ibec cautions against economic complacency ahead of next General Election
• Ibec launches election manifesto ahead of the General Election

Ibec, the group representing Irish businesses, believes that Ireland's current economic strength offers a generational opportunity for the next government to address barriers to growth and tackle areas that threaten the country's future prosperity. In its General Election manifesto launched today, Ibec outlines business priorities across key pillars: domestic competitiveness, quality of life, Ireland's global positioning, and future workforce preparedness. Ibec identifies complacency-particularly regarding future business growth-as a significant risk ahead of the upcoming election.

According to Ibec, the landscape for Irish exporters in global markets is likely to become increasingly challenging, with the battle to attract new investment likely to intensify during the next government's term. This is predominantly attributed to the rise of state-driven competition for investment, increasing geopolitical tensions, and decreasing trade openness.

Ibec's key recommendations include making significant strategic investments-enabled by Ireland's strong economic performance-in areas currently hindering growth. These include speeding up infrastructure delivery, investing in public services, enhancing lifelong learning rates, and reducing regulatory burdens.

Danny McCoy, Ibec CEO, said:

"The upcoming general election will be one of the most consequential in recent times. Elections always present an opportunity to reframe the challenges that drive society.

As we look toward the next general election, the economy is in a position of real strength.

Our message to all political parties is that business and economic growth will underpin much of the progress we hope to see during the next government's term. Therefore, it is essential to ensure that policies support domestic business growth while enabling new waves of investment by global companies.

Businesses of all sizes across the country have played a vital role in the growth of cities, towns, and villages, ensuring greater wealth distribution than ever before.

Ibec and our members are extremely optimistic about the resources available to the next government and what can be achieved. However, it is conceivable that future governments may not have the same level of resources available as the next one. Therefore, now is the time to address the challenges that have been the Achilles' heel of growth, such as the long and drawn-out nature of infrastructure delivery, poor public services, and housing issues.

Given the fortunate position we find ourselves in, one of the biggest risks for Ireland now is complacency, especially in the face of a highly volatile geopolitical landscape and intensifying global competition for investment."

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