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Business leaders upbeat about recovery

Wednesday, June 25 10:43:45

Members of Ireland's third largest bilateral trade organisation believe economic recovery is achievable within the next 12 months.

Some 42pc of Ireland France Chamber of Commerce members are confident that Ireland is well on the way to reclaiming a successful economy. Interestingly, 16pc anticipate this within 6 months while 32pc expect economic stability within 24 months. 9pc of members believe this will be achieved within three years.

One in four IFCC members anticipate the travel, tourism and hospitality sector to recover first followed closely by the agri-food, professional services and technology / IT sectors.

These are among the key findings from the IFCC economic recovery survey of more than 100 members released today to coincide with a key address by Tanaiste Eamon Gilmore at the Hibernian Club in relation to ensuring real and lasting recovery in Ireland and Europe.

Speaking about the results, Jim Rice President of the Ireland France Chamber of Commerce and Managing Director of Schneider Electric Ireland said: "Our Chamber is represented by over 200 senior French and Irish executives, and they employ up to 30,000 people between them. The results of this survey indicate that we are finally seeing a turning point on the road to recovery. It is extremely encouraging that our members envisage a positive turnaround within 12 months."

The survey also found that 57pc said they would be opposed to another austerity budget this year believing instead that the government need to ease off on this to promote recovery.

"It's interesting to see such a high level of members in opposition to an austerity budget as the argument around the positive impact of further debt cuts and deficits has been hugely prevalent of late. Clearly this is an indication that business owners want some breathing space," continued Mr. Rice.

The survey also highlights business leaders' concerns around the perceived instability in the Government coalition as 43pc believe this will impede recovery.

Following the recent European Parliament elections, 68pc of members also reported concern about the emergence of a far right extreme political landscape in Europe and the impact this could have on economic recovery.