Home Economics Simply over half of Eire’s CEOs predict an financial downturn this yr

Simply over half of Eire’s CEOs predict an financial downturn this yr

Just over half of Ireland's CEOs predict an economic downturn this year

simply over half of Eire’s chief executives imagine the nation’s financial development will gradual over the following 12 months, regardless of hopes that the eurozone can keep away from a recession in 2023.

international CEO survey revealed by PwC included responses from 87 enterprise leaders in Eire.

And whereas 52 % suppose Eire’s development will decelerate this yr, a 3rd nonetheless suppose it’ll enhance. The survey additionally discovered that 85% of CEOs in Eire are assured about their corporations’ income development prospects in 2023. By comparability, 89% globally.

Even when they lower prices within the present high-inflation setting, 79% of CEOs surveyed in Eire don’t plan to chop jobs this yr and 89% stated they don’t plan to chop their salaries as a part of the the battle to retain expertise.

Shopper confidence in Eire rose for the second month in a row in January to its highest stage in seven months. Davy famous indicators final week that client worth index inflation has peaked, falling power costs, hopes that the eurozone might keep away from a recession and the reopening of the Chinese language economic system have improved sentiment in Europe.

The PwC survey discovered that inflation and macroeconomic volatility stay key considerations for CEOs in Eire. Simply over a fifth of them additionally really feel “financially uncovered” to geopolitical conflicts.

PwC Eire stated the Russian invasion of Ukraine and wider considerations about geopolitical conflicts have prompted many Irish CEOs to rethink elements of their enterprise fashions.

Practically half are investing extra in cybersecurity and knowledge privateness, and 46 % are diversifying their product and repair choices.

“Regardless of the various uncertainties and dangers affecting our economic system, the survey suggests Irish CEOs are assured in their very own corporations,” stated Feargal O’Rourke, managing companion, PwC Eire.

He added: “Irish CEOs even have extra confidence within the Irish economic system than international CEOs within the international economic system, which can be because of the relative power of the Irish economic system in the mean time. Re-evaluating their enterprise fashions, persevering with to spend money on essential areas and placing their folks first are key to making sure resilience.”

He stated that regardless of the worldwide headwinds, the Irish economic system stays in a “good place”, with robust fiscal returns, FDI inflows, robust exports and employment.

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