asked the Minister for Economic Planning and Development if the OECD Report on the economy has been considered by the Government.
Ceisteanna—Questions . Oral Answers . - OECD Report .
32.
: The Government have naturally considered the OECD Report and regard it as a valuable economic commentary, which provides guidance for economic policy formulation.
: Could the Minister comment on what appeared to be the reduced expectations for growth expressed in the OECD document for next year?
: They point to the risks that might be associated with the slower rate of growth in the international economy and so forth. Although the OECD estimates for growth this year are somewhat below those in the Government's own projection, there is no substantial difference between the two estimates. It is far too soon at this juncture to contemplate any significant falling off in the expected growth for 1979. At present we will simply note the views put forward by the OECD.
: The Minister will agree that it will make nonsense of some of the anticipated events in the recent Green Paper if the cautious note struck by the OECD Report is brought through next year in reduced growth?
: No. The Deputy will find just as many statements from the Government side about prospective uncertainties relating to future years. Despite the specific points mentioned in the OECD report the basic tenor of that document does confirm our view that the Irish economy is developing rapidly at present, that there are a number of substantial plus points in our performance and that there is no reason why we should not continue to outperform our EEC partners in the coming years.
: Does the Minister think it would be possible on the basis of present policies to continue our record growth of last year over the next three or four years if the misgivings of the OECD report are carried into reality and if other EEC countries' growth begins to drop? Does the Minister seriously consider it possible for us to maintain a record level of growth in the absence of any new policies in this international situation?
: But there are proposals for international action currently under discussion among the major——
: Not very successful.
: I can only say that a very positive approach is being adopted to these things. I attended a meeting of OECD Economic Ministers last week which discussed this very topic for two days and I can assure the Deputy that there was general agreement on the need for positive action in the coming months. I agree that there has been no specific action programme agreed upon as yet but there is certainly a very widespread acceptance and recognition of the need for such action. What remains to be settled is the precise detail. Therefore, it would be totally wrong and premature at this juncture to anticipate any pessimistic revision of policies in the coming months.
: The Minister is expressing the views of his colleagues?
: Yes.
: The remaining questions will appear on tomorrow's Order Paper.