IBEC calls for 'new approach' to kick-starting economy
30/01/2012 - 07:40
Director general of IBEC Danny McCoy
The Government and the Troika need a new approach to grow the economy, business group IBEC has said in its first quarterly economic report of 2012.
The report forecasts economic growth of 1% this year, but the group said growth would be constricted by the debt crisis in Europe.
The report's authors say the crisis in Europe is having an impact on the confidence of both consumers and businesses.
Director general of IBEC Danny McCoy said: "If (the Government) allows (money to be released) from pension funds, particularly Additional Voluntary Contributions (AVCs) that were made in the past, this could give a €1.3bn stimulus which is required to get domestic demand going again," he said.
He also said some certainty about the wider economy was required from on-going talks in Brussels.
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