82% of business leaders predict economic crisis in five years
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.