My Department is currently preparing a post-budget medium-term economic projection which will cover the period to 1996. The intention is that this projection will underpin the Convergence Programme which, in keeping with decisions taken at the European Council, Ireland will send to Brussels later this year. The programme, which will be laid before the House will deal with the question raised by the Deputy.
The question deserves a response based on a fully up-to-date assessment of medium-term economic prospects. A quantified reply at this juncture would have to rely on assessments made some time ago. I trust that the Deputy will bear with me while the full implications for the medium-term of such recent developments as the 1994 budget, the proposed arrangements to follow the Programme for Economic and Social Progress and the most recent forecasts for growth and inflation in our trading partners are being incorporated into our assessment.