Economic exposure for South East above state average – McGuinness

cropped-img_7587.jpgSinn Féin Councillor Conor D. McGuinness has described as ‘worrying’ new economic analysis that shows that Dungarvan and the South East are subject to above average levels of economic exposure as a result of the COVID-19 public health crisis. The data is contained in an economic study commissioned by the Southern Regional Assembly. McGuinness is a member of the Assembly and of the European Committee of the Regions, which gives voice to local government at EU level. 

McGuinness said: 

“This newest economic analysis makes for worrying reading, particularly from a local and regional point of view. The study counts the numbers of commercial units operating in sectors worst affected by the pandemic, as a proportion of the overall number of units. This gives a strong indication of the breadth of the economic impact, and the level to which our local and regional economy is exposed. 

“Dungarvan’s economic exposure ratio stands at 47.4% while the South East ratio is slightly higher at 47.75%. Waterford City has the second worst exposure rate, just behind Galway City.

The study comes on the heels of a very sobering members survey by Chambers Ireland, which shows that 43% of member businesses in Waterford have completely closed as a result of the crisis. 

“While the limited supports that have been made available by the Government are welcome, we need to see greater investment, in our region in the wake of this crisis to put our economy on a more sustainable and balanced footing.

Waterford the the South East as a whole has been neglected by successive Governments when it comes to investment. This has left our economy particularly vulnerable to shocks. I will be using my position on the Southern Assembly and on the Committee of the Regions to campaign for inward investment to strengthen our regional economy.”

Click here to read the study in full.