IBEC is warning that we risk serious long-term problems if we don't invest now in transport, housing, health and education.
The business group, which is holding a keynote conference in Dublin today, said that austerity must not be allowed to interfere with economic policy.
— Ibec (@ibec_irl) March 9, 2017
CEO Danny McCoy said that economic caution could see us miss "a once in a generation" chance to renew the country's infrastructure.
"What we're now needing is significant public capital investment, particularly in infrastructure, housing, water services, education and the road network - and now's the time to do it," he said.
"Interest rates are low, we have an opportunity.
"Brexit will give uncertainties but if we’re not ready for some of the upside, then it will be a wasted opportunity.
"So we need to increase our public investment."