Sinn Féin spokesperson on Public Expenditure and Reform, Rose Conway-Walsh TD, has said that the development by the Economic and Social Research Institute (ESRI) and the National Institute of Economic and Social Research (NIESR) of a macroeconomic modelling tool for the north of Ireland is a significant contribution to the ongoing discussion on constitutional change.

Teachta Conway-Walsh said:

“This model will enable economic forecasting on the potential effects of economic policies, shocks, and opportunities on the economy in the north, across the island, in Britain and internationally. It will provide for greater integration between productivity, education, and investment.

“There are extremely valuable insights to be gleaned from this tool across a wide range of scenarios such as the wider effects of increased fiscal devolution to the Executive in the north or the effects on the northern economy of continued growth in the economy in the south.

“This is the first time that this type of data can be interrogated on an all-island basis, and it will prove vital for the development of economic policy on the island. I would urge the incoming government to use this tool to ensure that all economic policies pursued will impact positively across the country.

“The Executive in the north, although significantly hampered by the lack of devolved fiscal powers and the limitations of the block grant, will also be better able to target economic interventions to ensure positive all island results.

“I am delighted that IBEC supported this work and I think it is far-sighted of the management team in IBEC to come on board with this project. I have no doubt that there will be very useful applications of this data for businesses across the island.

“The launch of the report on this macroeconomic model, combined with the ongoing Perspectives on Constitutional Change workstream of the Good Friday Agreement Committee, will be of major significance in the time ahead as potential constitutional change is further discussed.

“This model will help to demonstrate in a practical way how economic changes across the island could impact on businesses, families, and workers. I hope that this will contribute to enhanced discussion at a grassroots level of the opportunities presented by greater economic harmonisation and working together across the island.

“I look forward to seeing this research and the extensions of the model across the various sectors used in policy formation and evidenced based forecasting. I commend the ESRI, NIERS and IBEC for their work on this project.”