Every citizen must pull together and work harder to help Ireland beat the economic downturn, the Taoiseach said today.
Speaking at an international business summit in Dublin, Brian Cowen told his audience that everybody must play a part to restore confidence in the domestic economy.
It is important to tell the world that Ireland is still open for business despite a 30 per cent slide in tax revenue and the collapse of the property market, the Taoiseach said.
Mr Cowen added that current budgetary cutbacks were absolutely necessary because future generations will be saddled with repayments on high borrowings.
Mr Cowen said: “We have a generation who have come through unprecedented good times. But now we’ve got to work harder and compete harder and become more productive. If we go about things in that way, confidence will return because people will see there is no shortcut to success.
“We’re in a better position than most countries to get through this.”
Mr Cowen denied suggestions that Ireland’s economy was a giant building site with a Tricolour flag in the middle. “Ireland has a far more diverse and sophisticated economy than that."
He continued: “Everybody must contribute to get us back to where we want to be. At the end of the day, if everybody stands up and says ‘not me, mate’ don’t be surprised that we don’t get there quicker than we should.”
Mr Cowen said that 10 per cent of the salaries of every teacher, nurse and doctor was currently paid for by borrowings.
Speaking about turmoil in the financial markets, he told his audience: “It is very difficult for people to forecast where all this will end up because there is a fundamental revolution taking place in the financial sector in the months ahead.”
Taoiseach also attacked the "doom and gloom" merchants and added: “This country is going to have to pull together to get through this. It doesn’t matter if it is me or somebody else at the top table. I’m certainly not infallible as recent times have proved. We have to get on with this job together.”
“It is too big a prize to step back.”
The business conference organised by the Economistmagazine group was attended by executives from major Irish and international firms such as IBM, KPMG and A&L Goodbody.
PA