Saturday 21 October 2017

Forfas warns on recovery threats


Thomas Molloy

Thomas Molloy

THE high cost of doing business, problems with access to credit, low productivity and lack of innovation all pose threats to the Irish economy, the Government's competitiveness agency Forfas said in its annual report launched yesterday.

The latest report repeats many warnings issued in previous reports published by the advisory organisation, which helps to shape policy alongside bodies such as Enterprise Ireland and FAS.

"The issues facing business are not new and while progress is being made, and concerted action is being taken, more now needs to be done," said Forfas chief executive Martin Shanahan yesterday.

The report says the economy won't recover unless companies relentlessly pursue cost competitiveness and dismissed recent gains as "not yet sufficient to regain international market share".

It also calls for investment in education and skills to meet business needs. And Ireland must attract new growth areas such as video games, cleantech and education services.

The agency's chief executive added that exports had the greatest potential to fuel the economy.

Irish Independent

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