A report released this morning estimates that around €140 billion needs to be invested in the country's infrastructure in the next 15 years.
The report, from A&L Goodbody Consulting, also recommends that the Government extend the timeframe for the next National Development Plan from 2013 to 2020.
The report also calls for a National Infrastructure Board to coordinate major projects, and says the Government should consider borrowing more to fund capital investment.
The consultants also say the country's level of investment in education is below other major economies, and there are grounds for a 'significant one-off boost' in capital spending at all levels.
A&L Goodbody Consulting's managing director Peter Brennan said infrastructure should not be seen as a drain on the Exchequer, adding that it would be worth estimating the cost of not putting adequate infrastructure in place.
He said private finance would be essential for any new investment programme, and public private partnerships would have an important role to play.
The report points out that the State's population will have increased to over five million by 2020, while the economy is forecast to double in size in the same period.
On roads, the report says new projects, such as the Eastern By-pass and Orbital Ring Road in Dublin, should be accelerated. It says new LUAS lines and a Dublin metro are among the key public transport projects.
