‘Lack of competitiveness needs to be addressed’

FINANCE Minister Brian Cowen says restoring competitiveness and increasing exports are the only way the economy can continue growing.

Addressing the Leinster Society of Chartered Accountants yesterday, Minister Cowen said the economy could not rely on residential construction to drive it forward and future growth rests with the country’s share of international trade.

“Our relative export performance in recent years suggests that our ability to do this has been compromised somewhat. While there has been some improvement this year, the rate of merchandise export growth will nevertheless remain below growth in our relevant export markets, implying a further loss in our international market share,” he said.