IBEC urges action on infrastructure deficit

IBEC, the major voice of Irish business, has warned of grave economic consequences unless Ireland tackled the infrastructure deficit and restored competitiveness.

In its latest economic review, the employer body warns there is no guarantee that the economy will achieve the 5% envisaged by the Economic and Social Research Institute (ESRI).

Director of economics at IBEC Brian Geoghegan said there were many indicators the economy had "lost its position of super competitiveness" a major feature of the past decade. Rising business costs and a stronger exchange rate had substantially removed that advantage, he said.