Two more years for recovery: poll

The prospects for the economy are improving, but it will be another two years before a recovery takes hold, according to the Ireland France Chamber of Commerce (IFCC) Sentiment Survey.

The main findings for the past three months include 74% of the IFCC’s 150 members reporting a stabilisation in prices, with just 18% seeing a drop in prices.

Roughly half of the bilateral trade organisation’s members recruited over the past three months, while 62% said they planned to recruit over the next three months. In addition, roughly 50 IFCC companies reported increased trade outside Ireland.

The majority of members expect the euro to survive.

Despite this positive progress, the majority of IFCC members do not anticipate an economic recovery in the short term. Given the global economic conditions, over one-third of respondents anticipate it will take more than three years for the economy to recover.

Speaking about the results, Gerry Halpenny, president of the Ireland France Chamber of Commerce and partner with LK Shields said: “Our chamber is represented by over 200 senior French and Irish executives, and they employ up to 30,000 people between them. These are businesses that day-in, day-out compete locally and globally for Ireland Inc. Their global business experience highlights that we are finally seeing a turning point on the road to recovery. While the journey is expected to stretch out for another two years, it is reassuring that investment for growth is back on the agenda for IFCC members.

“The importance of the EU is also clearly evident in the results; 88% of IFCC members expect the euro to survive long term despite the pressures on the eurozone in the past year.

“The majority, 71%, also believe Ireland’s 2013 presidency of the EU has the potential to boost Ireland’s economic recovery.”