Press release
Minister Burke welcomes publication of 'Ireland's Competitiveness Challenge 2024'
From Department of Enterprise, Trade and Employment
Published on
Last updated on
From Department of Enterprise, Trade and Employment
Published on
Last updated on
The Minister for Enterprise, Trade and Employment, Peter Burke, welcomes the publication (on 24 July) of Ireland’s Competitiveness Challenge 2024, by the National Competitiveness and Productivity Council.
The Minister said:
"As acknowledged by the Council, Ireland has continued to perform strongly in terms of its international competitiveness throughout 2023 and into 2024. The Institute for Management Development (IMD)’s World Competitiveness Yearbook 2024 ranks Ireland as the most competitive country in the euro area – driven by strong economic growth, our highly skilled workforce, and our success in attracting inward investment in high value-added economic sectors. In addition, there are record numbers of people at work, and inflation is decreasing and is expected to decline further throughout 2024."
In the context of an increasingly competitive international environment, where foreign direct investment patterns are being reshaped, the Council outlines the importance of Ireland retaining its core strengths, including having a competitive business environment, policy stability, strong international connectivity, the availability of relevant skills, and an openness to external sources of talent.
The Minister added:
"I note the Council has welcomed the SME support package that I brought forward in May, in particular the introduction of the enhanced SME Test. The Competitiveness Challenge 2024 report further recommends that the enhanced SME test should be implemented swiftly to ensure that an enterprise perspective is present across all major government decisions.
"I also look forward to the roundtable discussion on competitiveness that is being convened by the Taoiseach in conjunction with my department in September. This government has placed a strong emphasis on supporting enterprise and innovation, and this new forum will provide an opportunity for further engagement on some of the key themes and priorities identified by the Council in this year’s Challenge report."
Ireland’s Competitive Challenge 2024 draws on the best available domestic and international research, and the most recent data available at the time of publication. This report makes 20 targeted and actionable recommendations to Government on the best ways to improve the competitiveness and productivity of the economy. Along with immediate issues facing the Irish economy, five medium- to long-term challenge areas are explored in detail in separate chapters of the report.
This year, the Council has brought forward the publication of the Challenge report, with a view to increasing the focus on medium- and long-term issues in policy discussions in advance of Budget 2025.
The members of the Council are:
Representatives from the Departments of the Taoiseach; Agriculture, Food and the Marine; Environment, Climate and Communications; Further and Higher Education, Research, Innovation and Science; Social Protection; Finance; Housing, Local Government and Heritage; Justice; Public Expenditure and Reform; Tourism, Culture, Arts, Gaeltacht, Sport and Media, Children, Equality, Disability, Integration and Youth, and Transport attend Council meetings in an advisory capacity.
Research, Analysis and Secretariat from the Department of Enterprise, Trade and Employment: