Businesses: No upturn for at least two more years

Many Irish businesses believe that the economic downturn here will last more than two more years.

The latest business sentiment survey from KBC Bank and the Chartered Accountants of Ireland has revealed that despite the economy's broad stabilisation in activity recently, uncertainty about the near future remains a significant factor.

Employment has declined slightly but uncertainty has increased in the past three months, weighing on business expansion and hiring plans.

Chief economist with KBC Bank Ireland Austin Hughes said: "Companies feel the upturn isn't going to come anytime soon."