Economist Jim Power stressed the vital role Irish small and medium enterprises can play in leading the Irish economy successfully out of the current downturn. He was speaking today to over 250 investment professionals in Ireland and across Europe in a virtual seminar organised by CISI Ireland, as part of their virtual CPD programme.
“It is imperative,” he said “that we don’t let a health crisis, which has led to an economic crisis, morph into a banking crisis, through the escalation of bad debts.”
The new Programme for government, pending the formation of the new Irish government, will have to fully and firmly address this risk. Mr Power is supportive of a new agency to specifically address the potential of the sector especially in a period when FDI flows may become pressurised.
Business support must be material and may need to be in place for a prolonged period and, said Mr Power, this will push deficits higher but he noted “austerity is not an option.”