Business leaders fear economic collapse within five years

Business leaders fear the economy is likely to crash in the next five years.

They have issued the warning to the Government in a quarterly survey of director sentiment by the Institute of Directors (IoD) in Ireland.

Brexit is seen as the single biggest risk to organisations in the latest Iod Director Sentiment Monitor.

Irish business sentiment remains somewhat optimistic at 35%, but there is a marked decline in confidence when compared with Quarter 1 and Q2 results.

In the wake of Budget19, 82% of directors of Irish businesses believe another economic crisis within the next five years is somewhat or very likely.

Over half think Ireland's domestic economy and banking system are not resilient or prepared enough for this and 86% say the Government needs to run a budgetary surplus, to act as a buffer against future economic shocks.

The perception of the Government's performance in Q3 is the weakest since the sentiment series began in April 2018.

Digital Desk

More on this topic

Boris Johnson urges ‘creative ambiguity’ over £39bn cost of Brexit divorce deal

Brexit has left UK and Scotland relationship ‘in shreds’, Sturgeon claims

Arrangements for Irish border after Brexit ready within three years – report

€100m beef fund will have conditions, Minister says

More in this Section

UK utility company to pay out record €141m after ‘shocking’ Ofwat probe

Markets slow on German woes and G20 jitters

Self-help debt recovery evident, court hears

Bitcoin nudges fresh high


Lifestyle

Capturing the castle: Johnstown Castle in County Wexford is well worth checking out

How nature can work wonders for body and soul

Making Cents: Consumer guide to entering PcP car loan contracts

Podcast Corner: An introduction to podcasts

More From The Irish Examiner