The OECD Economic Survey of Ireland was released last month by Finance Minister, Michael Noonan and OECD Secretary-General, Mr. Angel Gurria. The survey provides a detailed assessment of Ireland’s economic performance. The survey highlights the recovery taking place in Ireland as a result of policy efforts and includes suggested policy recommendations aimed at securing Irish long-term economic growth.

Some interesting findings from the report include the following:

• Ireland’s fiscal position has improved and public debt is declining. The survey recommends broadening and protecting the tax base by shifting the burden of tax to immovable assets.
• The recent rise in property prices poses risks. The survey recommends a focus on improved responsiveness to the housing supply.
• Long-term unemployment is high and it is recommended that there is increased upskilling of the long-term unemployed by improving both the quality and quantity of training.
• Public support for business R&D is increasingly skewed towards R&D tax credits. The survey suggests a focus towards direct grants.

Further details can be found on the Department of Finance website.