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CEOs in Ireland more optimistic than in previous two years, research shows

By February 29, 2024No Comments

CEOs in Ireland are more optimistic than in the previous two years as businesses adjust to geopolitical challenges, a new survey shows.

The research carried out by business group Ibec reveals that 87% of respondents rate the outlook for the next six months as ‘good’ or ‘very good’, up from 66% last year.

Meanwhile, 91% of CEOs surveyed view current business conditions as ‘good’ or ‘very good’, compared to 86% a year earlier.

However, over 90% of companies have experienced cost increases in the past year, leading to a decline in profitability for one in four businesses.

The research identifies labour cost increases as the main challenge facing businesses, with skills availability reported as the second most significant obstacle.

“While the past few years have presented challenges due to the lingering effects of Covid and rising energy costs, businesses are currently more optimistic about the outlook for 2024,” said Danny McCoy, CEO of Ibec.

“With record levels of employment and low unemployment in Ireland, the availability of skills is likely to become a pressure point for businesses.

“While this is a positive problem to have, our economy must remain focused on addressing the shortfall, through our ability to attract workers from abroad and upskilling, particularly in areas of digitisation and AI,” he added.

Article Source – CEOs in Ireland more optimistic than in previous two years, research shows – RTE

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