82% of busi­ness lead­ers pre­dict eco­nomic cri­sis in five years

The Irish Times - Business - - BUSINESS NEWS -

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, 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.

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.

The most sig­nif­i­cant op­por­tu­ni­ties for growth are ex­pected do­mes­ti­cally (39 per cent) fol­lowed by the EU (22 per cent). The US has dropped from 18 per cent in the first quar­ter to 9 per cent in the third. Emerg­ing mar­kets will pro­vide sig­nif­i­cant op­por­tu­ni­ties for growth for just 5 per cent of re­spon­dents.

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