Exports ‘cannot be sole beacon for growth’

EXPORT performance cannot continue to be relied upon as the sole driver of the country’s economic growth, representatives have warned.

Responding to news that the IMF has cut its 2011 growth forecast for Ireland’s economy — from 1% to 0.5% — the Irish Exporters’ Association (IEA) said yesterday that exports cannot be expected to prop up GDP recovery on their own.

IEA chief executive John Whelan said: “Export businesses are also facing difficulties on international markets and are unlikely to contribute as strongly to Irish economic growth as originally forecast.”