Irish inward investment drops 60%

The level of direct inward investment into Ireland by foreign multinational companies fell by 60% last year, it emerged tonight.

Investment by the businesses fell from €24bn €10bn, according to a report from the United Nations Conference on Trade and Development.

That reduction was the equivalent of €8,000 for every worker in Ireland.

And business experts warned that the decreasing trend of investment has carried through into the first half of 2002.

Meanwhile, Taoiseach Bertie Ahern, said that, given the worldwide downturn he could not see life getting any easier in the run up to the Budget.

Asked if the global downturn in trade would have an effect on Ireland’s economy, he said: “That means less money, and if there’s one thing for sure, it’s when there’s less money you can’t spend more.”

However, Mr Ahern maintained Ireland’s economy was in a healthy state.

Speaking while attending a Fianna Fail parliamentary party seminar in Killarney, Co Kerry, Mr Ahern said the Government was committed to increasing spending by 14% this year but said that while there would be no cutbacks, he could not allow that increase to spiral up to 20%.