DUBLIN, Ireland: A just-released survey shows that over half of the chief executives in Ireland believe the nation's economic growth will decline in 2023.
The results were included in a global CEO survey published by PwC.
Responses from 87 company chiefs in Ireland found 52 percent believe Ireland's growth will decline in 2023, while one-third said they thought it will improve. Additionally, 85 percent of CEOs in Ireland remained positive about continuing revenue growth for their companies in 2023.
While continuing to cut costs, 79 percent of CEOs surveyed in Ireland said they would not cut jobs this year and 89 percent said they would not reduce pay amid concerns to retain employees.
Meanwhile, consumer confidence in Ireland rose in January for the second month in a row, reaching a seven-month high.
Officials said last week that there were continuing signs that consumer price index inflation has peaked, as declining energy prices revived hopes that the euro area might avoid recession, noting that the reopening of China's economy has lifted sentiment in Europe.
The survey also found that just over 20 percent of Irish CEO's feel "financially exposed" to geopolitical conflict, forcing many Irish CEOs to rethink their business models.
"Despite the many uncertainties and risks impacting our economy, the survey suggests that Irish CEOs are confident about their own businesses," said Feargal O'Rourke, managing partner, PwC Ireland, according to independent.ie.
"Irish CEOs are also more confident about Ireland's economy than global CEOs are about the global economy, which may well be due to the relative strength of the Irish economy at the moment. Re-evaluating their operating models, continued investment in critical areas and putting their people front and centre are key to ensuring resilience."