Bloxham Stockbrokers is predicting that the Irish economy could begin to recover from the middle of next year.
In his latest assessment, the company's chief economist Alan McQuaid says his personal view is that economic activity worldwide will pick up next year.
However, he says there is some concern that things could go backwards once stimulus measures are removed from the main global economies.
In the short term, Mr McQuaid says he expects Irish unemployment to continue rising and consumer spending to remain in decline.
He says the Irish construction sector is still struggling badly, but exports have remained resilient.