Oireachtas Joint and Select Committees
Wednesday, 21 January 2015
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
Annual Growth Survey 2015, Alert Mechanism Report 2015 and An Investment Plan for Europe: Discussion
2:30 pm
Mr. John McCarthy:
My suspicion at this stage is that we probably will not qualify for the investment clause. The reason for that is the conditions the Commission will apply in terms of the investment clause. I refer to negative growth next year, and we are not forecasting negative growth, a good deal of slack in the economy and an output gap of 1.5% of GDP. It is estimated currently that our output will close this year. My preliminary assessment, and the Deputy will appreciate that it is subject to change, is that we will not qualify for the investment in the very short term.
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