More than 90% of Irish CEOs confident of economic growth, survey shows

PwC chief highlights Ireland's strong exports, FDI pipeline, and public finances — and more people are in work now than prior to the pandemic

'Ireland’s economy is in a much better place now compared to this time last year,' according to Feargal O’Rourke, managing partner, PwC Ireland.

More than 90% of Irish-based company chief executives are confident of economic growth this year, according to a survey.

The latest global CEO survey by PwC shows that as many as 77% of company chief executives across the world expect the global economy to strengthen during 2022, despite a number of financial challenges, with just 15% expecting conditions to weaken.

The results of the survey — which was conducted near the tail-end of 2021 with thousands of chief executives across 89 countries — come just a week after the World Bank cut its forecast for global economic growth this year and the World Economic Forum said just one in ten of its members expect global growth to accelerate over the next three years.

World Bank expects slowdown

The World Bank expects global economic growth to “markedly” slow this year to 4.1% from 5.5% last year, with a further slowing due next year because of rising debt levels and lingering Covid impacts.

Nevertheless, with three quarters of CEOs saying they expect a stronger world economy this year, optimism amongst them is currently at a 10-year high.

PwC is due to release a detailed survey of Irish CEOs in March, but its early take from here is that 91% of Irish bosses expect the Irish economy to improve this year. PwC Ireland managing partner Feargal O’Rourke said Irish businesses remain resilient despite the challenges.

'Ireland in a better place than a year ago'

“Ireland’s economy is in a much better place now compared to this time last year,” he said. 

We have more people employed now than before the pandemic began, our exports remain buoyant, the FDI pipeline is strong, and the public finances are in much better shape.

“All of this gives confidence for businesses as they continue to deal with the lingering impacts of the pandemic,” Mr O’Rourke said.

Referring to the broader survey results, PwC global chairman Bob Moritz said:

“While the ongoing pandemic and emergence of new variants cast a shadow over the year, the high level of CEO optimism we found speaks to the strength and resilience of the global economy and the ability of CEOs to manage through uncertainty.”