Ahead of next month's budget, the Northern Western Regional Assembly (NWRA) has made a submission to the Department of Finance calling for a stimulus package of €570m for the region it represents including counties in the Shannonside - Northern Sound region.
At present the European Parliament's Committee on Regional Development categorises the northern and western region of Ireland as a "lagging region", defined as an area that faces specific development challenges.
The region which incorporates Donegal, Sligo, Leitrim, Mayo, Galway, Roscommon, Cavan and Monaghan currently ranks as the 114th competitive regional economy of the EU27's 234 regions. The eastern and midland region is 24th.
The NWRA claims a multi-million euro stimulus package is needed to stem growth inequality and is asking the Government to adopt a policy of "positive discrimination" in its budget planning.
Economist with the NWRA, John Daly said the €570m financial package would act as a "stimulus to kickstart high-valued development and save the region from economic stagnation".
Chatting to Joe Finnegan on Northern Sound earlier today, Mr Daly explained how far behind its Irish and European counterparts the border and western region really is.
"Unfortunately, the northern and western region including Cavan, Roscommon and other counties has been under-performing.
"For example, the region's economy was officially downgraded by the EU Commission from the leading economic status in the EU called a 'more developed region' due to under economic performance to the lower economic status of 'transition region' which means it has a GDP per capita of between 75-100% of EU27 average.
"It's a below average performance."