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82% of business leaders predict economic crisis in five years

82% of business leaders predict economic crisis in five years

Ireland : More than four out of five business leaders believe the Republic is headed for an economic crisis in the next five years, according to a survey by the Institute of Directors in Ireland (IoD).

The survey of 273 IoD members, carried out in early October, involved chief executives, senior executives, non-executive directors and chairpersons of companies. It found 82 per cent of respondents see a crisis as “somewhat likely” or “very likely”.

More than half said the Republic’s domestic economy and banking system are not sufficiently resilient or prepared for this, while 86 per cent said the Government needs to run a budgetary surplus to act as a buffer against future economic shocks.

IoD chief executive Maura Quinn said the survey suggested a cautious attitude among business leaders facing into Britain’s exit from the European Union in March.

“As the Irish economy faces significant risks going forward, both at a macro and micro level due to Brexit uncertainty, amongst many other uncertainties, business sentiment appears to have weakened in the third quarter,” she said.

“It is quite clear that Ireland’s business leaders are in a cautious mood and are concerned for the future of business in Ireland.”

The survey, when compared with the IoD’s previous quarterly surveys, shows there is increasingly less appetite to do business in the UK, from 19 per cent in first quarter, to 8 per cent in the second quarter, to 5 per cent in the most recent quarter.