Minister Donohoe addresses Ibec on ‘The new, new economy’

7th February, 2018

Ibec, the group that represents Irish business, today (Wednesday) welcomed the Ibec Lecture delivered by Minister for Finance & Public Expenditure and Reform, Paschal Donohoe, TD, on the theme of “The new, New Economy.”

Responding to the Minister’s lecture at Ibec’s head office in Dublin, CEO Danny McCoy, said: “Ibec believes Ireland’s economy is undergoing transformational change. Starting with the late TK Whitaker, and following decades of successful policy planning and implementation, Ireland’s business model has evolved into one of real substance and diversity. Today, we have the equivalent of a resource economy with substantial intellectual capital and intangible assets at its core.

“So we welcome the theme of Minister Donohoe’s lecture today which outlined the transformation of Ireland’s core economy and for the ongoing need of policymakers to adapt to the globalised nature of how we do business.  Finding the right responses now will be key to how we manage future growth and retain our competitiveness.  We need to use the resources generated by this intangible economy wisely, by investing in innovation and infrastructure to help us to deliver a sustainable business model for decades to come.”

In a keynote address at Ibec’s head office in Dublin, the Minister outlined his belief that the transformation of Ireland’s economy in recent years poses both opportunities and challenges for policymakers and business.

The Minister said: ‘As the global economy continues to evolve, Ireland must, and will, remain competitive.  We have done this before and as technology and investment changes, we will do so again. Our competitive offering is strong and broad and the Government and I will continue to make the right policy decisions to maintain and improve this proposition’.

“Furthermore, a key challenge that I am acutely aware of is the need to ensure that the benefits of globalisation are distributed widely and that support is provided to those most at risk of being left behind.  This is what Government is doing.  Analysis shows that Ireland’s tax and benefit system creates the largest improvement in the equality of income distribution in the OECD. We will continue to build on the progress we have been making in recent years and ensure that we are well positioned to meet the challenges and opportunities that present in the years ahead.”