The employers' body Ibec has urged the government to stagger the introduction of its extensive programme of employment rights legislation to take account of the financial shock businesses are experiencing during the pandemic.
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Business Editor
The national debt stood at more than €219 billion at the end of last year, equivalent to €44,000 for every person in the country, according to a new report from the Department of Finance.
The sharp increase in public indebtedness, driven by the profound effects of the Covid-19 pandemic on the economy, is thought to have pushed the total debt pile to 108% of Modified Gross National Income (GNI ) last year, an increase of 12%.
That debt-to-GNI figure is expected to grow further to 115% this year because of the changes announced in the budget, or €47,700 for every man, woman and child here.
Ireland’s finance minister has predicted the economy will make a “good recovery” in the second half of this year, despite national debt having increased by about 35 billion euro due to the pandemic.
Paschal Donohoe said the national finances could sustain the difficulties caused by Covid-19, adding that there is a level of savings and inherent resilience in major parts of the economy that could allow for a recovery.
He made the comments following the publication of the Government’s Annual Report On Public Debt.
Mr Donohoe said national debt had increased by about 35 billion euro from 204 billion euro to around 239 billion euro as a result of dealing with the effects of Covid-19 on the economy.
Ireland s economy to make good recovery despite pandemic, says Finance Minister Paschal Donohoe
This is despite national debt increasing by about €35 billion
Finance minister Paschal Donohoe at Government Buildings in Dublin (Image: Liam McBurney/PA Wire)
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