Irish Fiscal Advisory Council
Dail Éireann — 2020-09-29
============================================================

Ged Nash (LAB), Louth

There is widespread relief this afternoon at the figures contained in the Department's outlook published today. In April, it was predicted that GDP would crash by 10.5%, whereas the figures published today suggest instead that it will shrink by 2.5% only, a significant figure but one we can accommodate. Worryingly, unemployment will be 2% higher than forecast at the peak of the first wave of the pandemic. With the prospect of a no-deal Brexit coming into view, as we all know, unprecedented action is very much needed.
IFAC signed off on the Department's numbers today, endorsing them. Clearly the Minister agrees with the council's earlier analysis that we will require a multi-annual stimulus approach to support our economy into the future. Does he agree that support should involve an investment of €10 billion, the quantum allocated to the investment that IFAC identified, and that it would be appropriately sized relative to what it advised?

---

Source: Houses of the Oireachtas. Licensed under CC BY 4.0 (https://creativecommons.org/licenses/by/4.0/). The Official Report is revised after first publication; the fetch timestamp below identifies the version quoted.

Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2020-09-29/debate/main
Retrieved: 2026-08-14T04:48:37+00:00
Sitting date: 2020-09-29