Latest news with #economicplanning
Irish Times
21-07-2025
- Business
- Irish Times
The Irish Times view on national economic planning: strategy must be recession-proof
National economic planning always involves dealing with significant uncertainties. Ireland's economy has been upended on a number of occasions, requiring sharp changes in policy direction, most notably during the financial crisis which hit after 2008. So a key test of the revised National Development Plan due to be unveiled today will be its resilience. Inevitably a change in economic circumstances will mean that flexibility is needed in any plan, but are the broad goals of what will be outlined achievable, even if the economy is hit by some kind of slowdown, or even a downturn? Some lessons have been learned in the management of the public finances, with cash being put aside in two funds for the future and the annual figures being kept in surplus. That said, decisions have been made much easier by a big surge in corporation tax. And this has allowed the Government to increase day-to-day, or current, spending rapidly, alongside higher capital investment. To leave sufficent leeway, further growth in State capital investment has to be married with tighter control of current spending. Hints on the strategy here may be contained in the Summer Economic Statement, also due for release today. And in the years ahead more tax revenues are also going to be needed. The Irish tax base is increasingly reliant on potentially transient corporate tax receipts and on income tax paid by middle and higher earners. READ MORE The key immediate uncertainty in national planning comes, of course, from the new US policies on trade. Significant financial buffers are needed to deal with the potential fall-out here and its implications for growth and tax revenue in the short term. Ireland cannot go back to a situation where it is forced to slash State investment to balance the books, as happened after the financial crash. The State is still paying the cost of that today through massive deficiencies in housing and other infrastructure. Strong economic growth and high immigration have added to the pressures. Delivery is also vital, of course . Ireland's slow progress on major investment projects has cast doubts over economic growth prospects, potentially hampering investment. Dealing with this is a key social, as well as economic, priority. The outlook may be seriously affected by what happens between the EU and the US in trade talks over the coming weeks. Whatever transpires, it is fair to assume that significant uncertainty will remain for a prolonged period of time. And that this will raise questions about Ireland's economic model and how it needs to adjust. More investment in key infrastructure is a vital part of the answer. As we consider how this is to be paid for, we can only hope that the impact of Trump's trade policies, while certain to be serious, does not become hugely disruptive.
South China Morning Post
20-06-2025
- Business
- South China Morning Post
Facing multiple crises, China is stressing resilient governance over ideology
Chinese President Xi Jinping recently commemorated the 120th birth anniversary of Chen Yun, one of the foundational economic planners of the Communist Party of China. Amid the commemoration's celebratory tone, Xi's speech signals a rhetorical shift. The references to communist conviction so prominent in the 2015 address delivered for Chen's 110th birthday were relatively sparse in Xi's remarks from earlier this month. Instead, there was polished language relating to development planning and political resilience. In 2015, Xi's speech commemorating Chen Yun's 110th birthday emphasised unwavering faith in Marxism and communism. Xi also spoke of Chen as a disciplined party member. The between-the-lines message was clear: ideology was to be re-centred as the Communist Party's main source of legitimacy during Xi's first term. This year, Xi portrayed Chen as a model of disciplined governance, praising his ability to grasp key points, set aside time to consider strategic issues and simultaneously balance state-led and market approaches to economic planning. Xi highlighted Chen's 15-character maxim – 'not following superiors and not following books but instead following facts while exchanging, comparing and repeating' – offering it as a guide for cadres navigating today's volatile world. The symbolism is clear: Chen was not just a revolutionary elder but a technocrat who embraced policy logic in uncertain times.
South China Morning Post
14-06-2025
- Business
- South China Morning Post
Xi urges Communist Party to learn from pioneer of China's economic planning
Chinese President Xi Jinping urged the ruling Communist Party to learn from the legacy of early party figure Chen Yun – a pioneer of China's economic planning – in remarks on Friday to commemorate the 120th anniversary of the late statesman's birth. Advertisement Xi called on the party to have unwavering confidence when facing 'chaotic and complex turbulence', and to strengthen its ability to cut a path for China's economy with 'objective and thorough' research, according to state news agency Xinhua. The party is preparing for an annual conclave, to be held later this year, focusing on the next five-year plan covering 2026–2030 . The national economic development plan will serve as a blueprint to sharpen China's competitive edge and address weak links exposed in its rivalry with the United States. Xi made the remarks at a meeting in Beijing to mark the anniversary of Chen's birth in 1905. China's ruling party typically commemorates the birthdays of revolutionary elders every 10 years. Modern leaders often weave their policy priorities into their commemoration speeches as a way to rally the party and draw inspiration from the elder statesman's political legacy. Advertisement
Bloomberg
10-06-2025
- Business
- Bloomberg
Ireland Needs Fiscal Rule as Economic Risk Grows, Watchdog Warns
The Irish government should commit to a domestic fiscal rule so it can better plan spending as the economy enters uncertain territory, the state's fiscal watchdog warned. A global trade war stoked by US President Donald Trump is likely to have an outsized impact on Ireland, the strategic tax base for several multinational firms. Sticking to a fiscal rule would set a sustainable growth rate for spending net of tax changes, the Irish Fiscal Advisory Council said in its June fiscal assessment report.
