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05/10/2012
Central Bank Calls For Public Sector Reforms
A report from the Central Bank has warned that more should be done to drive down labour costs and reinforce competitiveness.
"One important way to do this would be to press ahead with public sector reforms to deliver the maximum possible level of public services from the reduced resources available for expenditure," it said.
"More generally, pay remains high in both the public and private sectors, adding to costs and prices in the economy, and no doubt discouraging expansion and investment projects by exporting firms."
The bank has also reduced expectations for economic growth for this year and next.
The value of business in Ireland is forecast to grow by 0.5% this year before jumping to 1.7% next year, the report states.
Ireland's vulnerability to an international economic slowdown has been blamed for the impact on business.
"The undershoot in Irish GDP since the beginning of the (bailout) programme is broadly comparable to what has occurred in the rest of the euro area and is largely a result of the weaker external environment,"it said.
But the report also said unemployment would fall to 14.5% next year.
The Bank also revealed that the value of Irish-owned business measured by GNP will contract by 0.4pc this year.
The value will jump to 0.7% growth next year.
Siptu, one of the country's biggest unions, has reacted with anger following the Central Bank's call for a further cut in labour costs.
President Jack O'Connor told the Irish Independent: "Consumer demand continues to fall through the floorboards precisely as a result of the pursuit of this nonsensical approach which reflects an ongoing attempt to resolve the problems created by those at the top of society through crucifying people on middle and low incomes."
(IT/GK)
"One important way to do this would be to press ahead with public sector reforms to deliver the maximum possible level of public services from the reduced resources available for expenditure," it said.
"More generally, pay remains high in both the public and private sectors, adding to costs and prices in the economy, and no doubt discouraging expansion and investment projects by exporting firms."
The bank has also reduced expectations for economic growth for this year and next.
The value of business in Ireland is forecast to grow by 0.5% this year before jumping to 1.7% next year, the report states.
Ireland's vulnerability to an international economic slowdown has been blamed for the impact on business.
"The undershoot in Irish GDP since the beginning of the (bailout) programme is broadly comparable to what has occurred in the rest of the euro area and is largely a result of the weaker external environment,"it said.
But the report also said unemployment would fall to 14.5% next year.
The Bank also revealed that the value of Irish-owned business measured by GNP will contract by 0.4pc this year.
The value will jump to 0.7% growth next year.
Siptu, one of the country's biggest unions, has reacted with anger following the Central Bank's call for a further cut in labour costs.
President Jack O'Connor told the Irish Independent: "Consumer demand continues to fall through the floorboards precisely as a result of the pursuit of this nonsensical approach which reflects an ongoing attempt to resolve the problems created by those at the top of society through crucifying people on middle and low incomes."
(IT/GK)
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