IBEC wants regional plan to balance growth
years of under-investment in infrastructure, health and education has left the country unprepared to meet the needs of a rapidly growing economy and population, employers group Ibec has warned the Government.
Ahead of its annual president's dinner, and in advance of the October Budget, Ibec reiterated its view that an additional €1bn should be invested in capital projects, in addition to what is currently planned in the upcoming Budget.
Newly installed Ibec president Gerry Collins, of Cork-based Janssen Biologics Ireland, said there had been a failure to capitalise on the potential of regions outside Dublin.
"Economic activity continues to gravitate toward the capital, stretching the city's resources, pushing up costs and leaving other parts of the country behind," he said.
"It is creating a worrying economic and social imbalance."
Mr Collins said Dublin accounts for 40pc of economic activity, which is disproportionate.
"The Paris economy accounts for less than 10pc of French GDP and London accounts for just over 20pc of British GDP."
A new "Atlantic cities" plan encompassing Waterford, Cork, Limerick and Galway would help ensure complementary growth between Dublin and the cities of the south and west, he said.