“I welcome the analysis published today which outlines the extraordinary recovery of the Irish labour market. Just over five years ago, during the peak of the pandemic, the economic outlook was shrouded in uncertainty with large sections of our economy forced to shut down overnight. At that time, around 1.2 million people were dependent on the State for some form of income or job support, and there was a fear that the pandemic would leave lasting scars on our economy.

“Thankfully, that economic scarring was avoided. Today, the labour market is in a stronger position than before the pandemic with record levels of employment and an unemployment rate below 5 per cent for over three years. As this publication outlines, record levels of female labour force participation have made a significant contribution to our post-pandemic recovery.

“This recovery did not happen by accident. It’s a testament to the remarkable resilience and adaptability of Irish workers and businesses, coupled with decisive policy choices that Government made during that challenging period. These include wage subsidy schemes which maintained the link between employers and employees while containment measures were in place.

“However, while we can rightly acknowledge the significant progress we've achieved over the past five years, now is not the time for complacency. The more uncertain and fragmented global trading environment represents a serious headwind for the Irish economy.

“Against this backdrop, budgetary policy needs to remain sustainable, with a clear focus on spending that drives long-term growth. That is why in the National Development Plan, Government has committed to invest €275 billion into our economy over the next decade, which will boost the productive capacity of our workforce and help ensure continued improvements in living standards for years to come.”