Over 81% of business leaders now regard COVID-19 as the biggest risk facing their organisations and 96% of directors are ‘more pessimistic’ in respect of the Irish economy in the first quarter of 2020 in comparison to just 24% in the fourth quarter of 2019. 

These are just some of the findings of the latest quarterly Director Sentiment Monitor, for the first quarter of 2020, conducted by the Institute of Directors (IoD) in Ireland  between 18th - 26th March 2020 and which highlight the challenges faced by Ireland, its business leaders, their organisations and the wider economy by the COVID-19 pandemic. 

Brexit and the political uncertainty after February’s General Election have been completely overtaken by the arrival of COVID-19. IoD say this impact on business continuity and the financial performance of organisations for the rest of the year are now among the chief concerns of CEOs and directors, who comprise the 3,000 strong membership of IoD Ireland.

Commenting on the research, Chief Executive, the Institute of Directors (IoD) in Ireland, Maura Quinn said, "Our latest quarterly survey brings into sharp focus the dramatic reversal in business sentiment from the last quarter of 2019 to the first quarter of 2020. In the space of just a few months, the world as we know it has changed utterly - business leaders are finding themselves in unchartered waters, having to take very difficult decisions to protect the livelihoods of their staff and the immediate business continuity of their organisations in the short term. Down the road the very existence and sustainability of these businesses is a huge concern. Brexit and the uncertain outcome of the General Election have been sidelined for now in the face of the life-threatening arrival of COVID-19."

She added, "We have seen the enormous human cost of sudden temporary lay-offs, redundancies, and the technological, logistical and, indeed, psychological challenges presented by the mass mobilisation of employers and employees into remote working, and all within a very tight timescale of a matter of weeks. It is to the credit of so many that their response to the crisis has, in the main, been professional, considerate, swift and efficient."

Source: www.businessworld.ie