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Irish SMEs heading into period of “extreme” stress

Written by Robert McHugh, on 25th Sep 2020. Posted in Economy

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The National Competitiveness Council (NCC) has today launched Ireland’s Competitiveness Challenge 2020 report.

The NCC has noted Irish businesses face a period of “extreme” stress due to the fallout from Covid-19 and Brexit and it flagged four broad challenges that need to be addressed to support the recovery and maintain competitiveness.

• Support Ireland’s workers and leverage opportunities for upskilling
• Address climate action in a competitiveness context
• Invest strategically in Ireland’s physical infrastructure
• Resolve long-standing issues.

On launching the report, Chair of the National Competitiveness Council (NCC), Dr Frances Ruane, warned that COVID-19 has brought about an exceptional level of global uncertainty, which is compounded in the Irish case by the approaching deadline for negotiating the future trading relationship between the UK and the EU, as well as heightened international trade tensions. 

The NCC has warned that as a small, highly open and concentrated economy, Ireland is heavily exposed to external shocks, making it vital that the economy retains its competitive position.

Launching the report, Dr Frances Ruane said, "At the heart of Ireland’s national competitiveness is creating an environment in which Irish businesses are able to compete successfully in international markets."

Source: www.businessworld.ie

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