Forfás is the national policy advisory body for enterprise, trade, science, technology and innovation. It is the body in which the State's legal powers for industrial promotion and technological development have been vested. It is also the body through which powers are delegated to Enterprise Ireland for the promotion of indigenous industry and to IDA Ireland for the promotion of inward investment. Science Foundation Ireland was established as a third agency of Forfás in July 2003.

In particular 2008 was a difficult year. Data indicates a decline of 7.7 percent in real GDP with a projected 8 percent decline in 2009. There has been a sharp increase in the number of people out of work during 2008 (4.1 percent decrease in employment). Employment in the companies supported by the development agencies (Enterprise Ireland, IDA Ireland, Shannon Development and Údarás na Gaeltachta)was 297,098 in 2008, a decrease of 2.9 per cent on 2007.