Hdl Handle:
http://hdl.handle.net/10147/117210
Title:
The national recovery plan 2011-2014
Authors:
Government of Ireland
Publisher:
The Stationary Office
Issue Date:
24-Nov-2010
URI:
http://hdl.handle.net/10147/117210
Additional Links:
http://www.budget.gov.ie/RecoveryPlan.aspx
Item Type:
Report
Language:
en
Description:
This Plan provides a blueprint for a return to sustainable growth in our economy. It sets out in detail the measures that will be taken to put our public finances in order. It identifies the areas of economic activity which will provide growth and employment in the next phase of our economic development. It specifies the reforms the Government will implement to accelerate growth in those key sectors. Reducing the budget deficit will not, by itself, solve our economic difficulties. We must build on our strong export performance by improving our competitiveness. We must enhance our productive capacity by maintaining investment in key infrastructure projects and in education. We must remove barriers to employment and ensure that those who have lost their jobs are retrained and are ready to take up employment as the labour market recovers. This Plan sets out the key reform measures the Government will take to return our economy to a sustainable medium-term economic growth path. The Plan will help dispel uncertainty and reinforce the confidence of consumers, businesses and of the international community. The tax and expenditure measures contained in this Plan will negatively affect the living standards of citizens in the short-term. But postponing these measures will lead to greater burdens in the future for those who can least bear them, and will jeopardise our prospects of returning to sustainable growth and full employment. Over the last two and a half years, we have responded promptly to the deterioration in the public finances. In five separate adjustment packages, savings and revenue-raising of around €14.6 billion on a full year basis have already been achieved. As a result our public finances have stabilised with an underlying deficit of 11.7% of GDP in 2010 compared with an implied uncorrected deficit of 20% of GDP. Notwithstanding the size of the adjustment, our economy has performed better this year than had been forecast at the end of 2009, with GDP growth expected to be marginally positive as opposed to a contraction of 1.3% which had been predicted this time last year. Unfortunately, lower than expected medium-term economic growth prospects as well as higher debt interest costs arising from the bank rescue have required us to revise our budgetary targets. To achieve a deficit of below 3% of GDP by 2014, the Government has concluded that an overall saving of €15 billion is required. The European Commission acknowledges that this is the appropriate target based on the growth projections we have set for the period of the Plan.
Keywords:
FINANCE; BUDGET

Full metadata record

DC FieldValue Language
dc.contributor.authorGovernment of Irelanden
dc.date.accessioned2010-12-06T14:11:38Z-
dc.date.available2010-12-06T14:11:38Z-
dc.date.issued2010-11-24-
dc.identifier.urihttp://hdl.handle.net/10147/117210-
dc.descriptionThis Plan provides a blueprint for a return to sustainable growth in our economy. It sets out in detail the measures that will be taken to put our public finances in order. It identifies the areas of economic activity which will provide growth and employment in the next phase of our economic development. It specifies the reforms the Government will implement to accelerate growth in those key sectors. Reducing the budget deficit will not, by itself, solve our economic difficulties. We must build on our strong export performance by improving our competitiveness. We must enhance our productive capacity by maintaining investment in key infrastructure projects and in education. We must remove barriers to employment and ensure that those who have lost their jobs are retrained and are ready to take up employment as the labour market recovers. This Plan sets out the key reform measures the Government will take to return our economy to a sustainable medium-term economic growth path. The Plan will help dispel uncertainty and reinforce the confidence of consumers, businesses and of the international community. The tax and expenditure measures contained in this Plan will negatively affect the living standards of citizens in the short-term. But postponing these measures will lead to greater burdens in the future for those who can least bear them, and will jeopardise our prospects of returning to sustainable growth and full employment. Over the last two and a half years, we have responded promptly to the deterioration in the public finances. In five separate adjustment packages, savings and revenue-raising of around €14.6 billion on a full year basis have already been achieved. As a result our public finances have stabilised with an underlying deficit of 11.7% of GDP in 2010 compared with an implied uncorrected deficit of 20% of GDP. Notwithstanding the size of the adjustment, our economy has performed better this year than had been forecast at the end of 2009, with GDP growth expected to be marginally positive as opposed to a contraction of 1.3% which had been predicted this time last year. Unfortunately, lower than expected medium-term economic growth prospects as well as higher debt interest costs arising from the bank rescue have required us to revise our budgetary targets. To achieve a deficit of below 3% of GDP by 2014, the Government has concluded that an overall saving of €15 billion is required. The European Commission acknowledges that this is the appropriate target based on the growth projections we have set for the period of the Plan.en
dc.language.isoenen
dc.publisherThe Stationary Officeen
dc.relation.urlhttp://www.budget.gov.ie/RecoveryPlan.aspxen
dc.subjectFINANCEen
dc.subjectBUDGETen
dc.titleThe national recovery plan 2011-2014en
dc.typeReporten
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