Martin sees 4pc annual Irish growth 2011-2014
Published 29/04/2010 | 16:25
Foreign Affairs Minister Micheal Martin said he expects the Irish economy to grow an average of about 4pc a year between 2011 and 2014, driven by exports.
“Economic activity in Ireland is expected to pick up in the second half of this year,” he said.
The minister was speaking at the Foreign Affairs Association in Munich.
Mr Martin said the Government’s strategy for restoring public finances has met with the approval of the EU Commission, the ECB, the OECD and the IMF.
Although 'difficult decisions' have been made by the Government to reduce spending Mr Martin also said Ireland’s debt level will rise in the coming years.
"At present, it stands at around 64pc of GDP, which is well below the eurozone average of 78pc", he said.
"Our efforts at controlling our finances have paid dividends in terms of a reduced cost of borrowing."
"The interest rate which Ireland currently pays on its bonds is considerably lower than it was last year."