The Irish Business and Employers Confederation (IBEC) has begged the newly re-elected government to return to 'good economic management', according to a report in the Irish Independent on Wednesday.
In its most recent 'Economic Trends' newsletter, the business lobbying group stated that: 'Ireland has had a very good run over the last number of years because of some good government policies but also because of the benign conjunction of demographics, continued EU integration and strong foreign direct investment.'
However, IBEC has since reiterated the warning- also issued by the OECD among others- that deteriorating public finances and the possibility of high inflation could mean that the low tax jurisdiction is in for some tough times ahead.
Speaking to the Irish Independent, IBEC's Chief Economist, David Croughan revealed that due to the many anomalies contained within the government's data on its finances up to May, no-one knows with any certainty what the current state of public finances is.
He stressed the need for clear and transparent data, available on a monthly basis, arguing that: 'There is a problem, we need to know the magnitude of it and we need to do something about it.'
Meanwhile, Director of Economic Policy for the employers' group, Brian Geoghegan told the newspaper that IBEC is looking for assurances from the government that it will tackle rising public sector wage demands, which it fears will have implications for the private sector.
'We are very worried that people's expectations will be raised at precisely the wrong time,' he revealed.
http://www.unison.ie/irish_independent/stories.php3?ca=184&si=775658&issue_id=7606 http://www.ibec.ie/ibec/internet.nsf/LookupPageLink/IBEC_Opening
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