Significant stimulus needed to revive economy - IFAC

The Government has been advised to introduce a "significant" stimulus plan for the economy, once the immediate Covid-19 crisis is over.

That is why it is advising the Government to implement a "significant" plan of investment to stimulate the economy back to life. But this will have to be paid for. IFAC says there is considerable uncertainty surrounding the impact of Covid-19 on the economy. It also warns that the threat of a hard Brexit, changes to international tax rules and disruption to world trade all remain as risks to the economy.

When the economy begins to recover, it warns that some sectors like tourism and food services may struggle. It warns that some job losses may be permanent and workers may need to be retrained. This could involve adjustments of between €6bn and €14bn over the years 2023-2025. It warns that an incoming government will have to leave all options regarding spending and taxation open to deal with this.

I understood from recent news bulletins that there would be no austerity we still haven’t been recompensed for the last recession where we bailed out the banks so what are they going to do add more and cripple the economy further and we voted in this government?

Spending cuts and tax rises take money out of the economy. That’s literally the opposite of what’s needed and will drive us into further hardship and extended recession.

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