New manufacturing taxes, which could raise up to £50 million sterling (€81 million), and the use of tolls to fund roads are just two potential revenue earners in the North, a leading industry body will tell the Northern Ireland Assembly later this week.

The Ulster Society of Chartered Accountants will also state that it believes the Assembly is going to have to be more "imaginative" if it is to overcome serious weaknesses in the Northern Ireland economy.

One of the key issues it must confront, according to the accountancy body, is the shortfall between budget and economic expenditure.

The Ulster Society is expected to submit its report on the Programme for Government and Budget to the Assembly on Thursday.

According to recent research from PricewaterhouseCoopers, the Assembly faces a massive infrastructure deficit, possibly as much as £6 billion to £7 billion to be made up over the next 10 years.

The Belfast-based business advisers have warned that the Assembly cannot conceivably fund this gap within existing resources and, therefore, services and jobs may suffer.

The Ulster Society of Chartered Accountants argues in its report that the Assembly is going to have to "make hard choices and unpopular decisions in allocating resources".

It believes the Assembly should adopt a twin strategy of investment in infrastructure and people. The Ulster Society's submission details a series of recommendations it sees as central to improving the North's economic outlook.

"The onus for the Executive to articulate its views on these issues, is paramount," the body states.