The Minister for Finance, Brian Cowen, today dismissed suggestions that the Irish economy could be facing a major downturn.
Speaking at a Fianna Fáil conference on the economy in Galway, he said there were warning signs and we could not allow ourselves to be complacent.
But he added that there was no basis for talking down the country's economic prospects.
The minister told 400 guests that he simply did not buy into the idea that there is a likely or inevitable major downturn in Ireland's economy.
He said every country faces warnings but not everyone is willing to tackle them.
Mr Cowen said he believed the economy could grow by roughly 5% per annum and he would be announcing various initiatives over the next six months which would fit within the overall framework of securing and growing its economic success in the years ahead.
The minister said Ireland had achieved the second highest rate of business start-ups in the 25 member states of the EU and it had one of the most pro-work, pro-enterprise taxation systems in the developed world.
