DUBLIN: The Government’s commitment to start spending on infrastructure is essential to stop the brakes being placed on the economy, according to Dublin Chamber of Commerce.
Responding to the Spring Economic Statement, Dublin Chamber has warned that Ireland will miss out on jobs and growth if state funds are not used to support the economy’s best performing areas.
According to Dublin Chamber CEO Gina Quin: “Businesses and workers in Dublin and the commuter belt are already feeling the negative side effects of growth, such as traffic congestion and soaring rents caused by a lack of housing. The Government’s commitment to invest in infrastructure is to be welcomed, as failure to spend where investment is most needed will curtail growth. The Greater Dublin Area continues to be the engine driving the economy, accounting for 42% of GDP and 47% of all workers.”
Dublin Chamber welcomed the acknowledgement by Government that the turnaround in the economy is indicative of Ireland’s fundamental strengths.
Ms Quin added: “The recovery will only continue to deepen if money is directed into the areas that offer the most potential. A buoyant Dublin is good news for the wider economy and should be viewed as such. Dublin is the only Irish city which is dining at the global economic table and it is essential that we capitalise on its position. Infrastructure constraints will ultimately act as a brake on growth. Therefore, we must ensure that Dublin has the room to accommodate new growth opportunities as the global economy recovers further.”
The Chamber said Dublin’s transport infrastructure is just one area currently crying out for fresh investment.
Ms Quin added: “The Government plans to spend around €150m per year on transport in the GDA, which simply isn’t enough compared to our international competitors or to keep up with growth. Such a spend is a drop in the ocean compared to what rival cities abroad are spending on infrastructure. The spend in cities such as Manchester and London is around two to three times higher. Tripling transport investment will at least allow us to keep pace with these competitors and with our own growth.”
