Seanad debates

Tuesday, 25 March 2003

Finance Bill 2003 [ Certified Money Bill ] : Second Stage.

 

There is an increasingly worrying position in terms of the general economy. In his Budget Statement in December, the Minister projected a rate of increase in GNP of just 2.25% for this year. If he got another opportunity, I believe he might revise that figure downwards. It would not surprise me if we were to come out with a figure of between 1% and 1.5% increase in GNP. It must be asked how we have gone from double digit growth to less than 1% growth in just two years. In reality, it has occurred in a shorter period than that. It is not sufficient to say that this is entirely due to the international economy.

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