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Economic Competitiveness.

Dáil Éireann Debate, Wednesday - 30 January 2008

Wednesday, 30 January 2008

Questions (66, 67)

Aengus Ó Snodaigh

Question:

123 Deputy Aengus Ó Snodaigh asked the Tánaiste and Minister for Finance his views on the expected impact of recent developments in international financial markets on the economy here. [2391/08]

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Kieran O'Donnell

Question:

190 Deputy Kieran O’Donnell asked the Tánaiste and Minister for Finance if he has assessed the impact that the recent turmoil in the global financial markets is having on the Irish economy and the financial institutions; and if he will make a statement on the matter. [2380/08]

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Written answers (Question to Minister for Finance)

I propose to take Questions Nos. 123 and 190 together.

At Budget time, GDP growth of the order of 3 per cent was signalled as likely for 2008, with GNP growth of 2.8 per cent. As was noted then, there are risks, both internal and external, to these forecasts. My Department will, as always, continue to monitor the situation closely.

Short-term movements in financial markets have limited effects on wider economic trends. Of course, any deterioration in financial market conditions sustained over a prolonged period of time could, potentially, spill over into economic developments. In this regard, it is important to remember that the fundamentals of the Irish economy remain strong and that the economy has responded quickly and effectively to changing economic conditions in the past.

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