Responding to the ERSI’s Quarterly Economic Commentary published today, Sinn Féin’s Peadar Tóibín TD called on the Government to commit to an ambitious programme of investment and to push hard for a deal on legacy debt.
The Jobs, Enterprise and Innovation Spokesperson said:
“Any pickup in the economy is welcome but it is crystal clear from today’s ERSI Quarterly Economic Commentary that Government’s refusal to invest in an ambitious stimulus programme coupled with its failure to secure the long promised debt deal is holding back Ireland’s recovery.
“A deal on banking legacy debt is fundamental to the speed at which the economy can recover and Government’s strategy of tip toeing around this issue with its EU partners is simply not working.
“High household debt continues to impact negatively on consumption and the ratio of investment to GDP is at a fifty year low.
“The ERSI notes that additions to the national capital stock are merely taking care of the natural rate of depreciation, yet another sharp illustration of the Government’s decision to merely tread Ireland’s economic waters.
“Unemployment remains unacceptably high and lending to SMEs continues to fall year on year.
“House building needs to be increased by 50 to 75 per cent annually and Government’s demand side response to the housing crisis is exasperating the problem.
“Sinn Féin has set out a comprehensive stimulus package and provided real solutions to support and grow the SME sector, which currently employs of 70 per cent of workers in the state.
“Investment and dealing with legacy debt are both critical elements to turning around the economy and Government is failing on both fronts.”