Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

Those same businesses in different parts of our economy were previously calling for the need for further capital investment. That capital investment is under way. We have to take great care in dealing with the issue to which the Deputy refers. I am conscious of the fact that the last time our economy was at this point, we saw large degrees of underemployment or unemployment in other parts of Europe, particularly in central and eastern Europe. As we look across the eurozone now, we find that many of the economies from which people would have travelled in the past are themselves doing well and are experiencing wage growth and either low unemployment or rising employment levels. The net effect is that the ability and willingness of people to travel to Ireland could be different from what was the case in the past.

I have outlined what I am going to do to strike the balance to which the Deputy refers. The most recently published World Economic Forum competitiveness report shows that currently the Irish economy is the 24th most competitive within the survey, a decline of one place against the previous year. We continue to be one of the most competitive economies within the eurozone. That said, the risks the Deputy has described are there. I accept them and have looked to articulate what I am trying to do to manage them.

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