#WATCH Economists say recovery is no longer a ‘Dublin led story’

DO WE see a meaningful redistribution of the economic activity from Dublin to the regional cities including Limerick?

A question put from the floor of a business breakfast meeting in Limerick this week which heard from leading regional, national and international speakers on economic trends.

Loretta O’Sullivan, Bank of Ireland group chief economist told the Limerick Chamber event this Wednesday “that it is important to note that the recovery story is that it is no longer just a Dublin led story and we see that in the data that is coming through.

“The employment data is the most significant piece of that in that more that half of the jobs that are being created are being created outside of Dublin.

The IDA wills ay the same in terms of FDI (Foreign Direct Investment) companies that are coming and there is a strategy there to ensure that there is a regional dispersion of it.

I think Brexit actually provides quite a lot of opportunities in this area. If we are looking to attract firms in then we should be pushing the regional piece because if you look at many of the metrics (such as mortgage affordability, rent affordability and office space) Dublin broadly speaking compares favourably well with the other cities in Europe, but in the regions there is better values and that is the message may be worth pushing, so there is opportunity in that to be capitalised on.

“There is challenges there too, in terms continued development of infrastructure, in terms of the population piece and so on, but it will be something that Government, the IDA and the regions will be looking on for the next number of years as strategies and plans are developed.

Caroline Kelliher, Limerick Chamber director of policy said that National Planning Framework that is coming out “will be key, as will the other Government policies separate to that to support the regions, highlights the need for joined up thinking”.

Ms Kelliher cited the aviation policy which the Limerick Chamber is supporting the infrastructure in place with Shannon and Cork airports within the region.

“The aviation policy at the moment tends to be skewed towards Dublin so we need to ensure to develop regional cities that all Government policy is joined and promoting what we want in the national planning framework.”

The meeting also heard from Northern Trust Chief Economist Carl Tannenbaum who focused on the international landscape and how it will likely impact on Ireland in a post Brexit and Donald Trump US Presidential administration era.

You can watch Mr Tannenbaum’s keynote speech below as captured on Limerick Post Facebook live feed this Wednesday.