Lower adjustment in budget would add 10,000 jobs in 2015
Ibec, the group that represents Irish business, today said that the economy is well in recovery mode, more confident consumers are spending again, investment is recovering strongly and exports have been boosted by a better than expected recovery in the UK. However, unemployment is still too high. Putting more people back to work must be the leading priority for the new Cabinet.
Budget 2015 only needs to deliver a fiscal adjustment of €200 million, not €2 billion. Adopting this lower amount would mean 10,000 additional people at work in 2015.
In its new Economic Outlook, Ibec raised this year’s GDP forecast to 3.1% (up from 2.9%) on the basis of stronger than expected exports. It has also significantly revised up its 2015 GDP forecastfrom 3.1% to 3.9% on the basis that a lower fiscal adjustment is now required. Key issues highlighted in the forecast include:
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