A new survey conducted by PwC at their 2016 Business Forum 'Business...but not as usual' held on 8 November 2016 captured the thoughts of over 600 business leaders across many industries in Ireland.
Ninety-four percent of survey respondents are of the view that Ireland should not follow the UK and leave the EU.
Irish business leaders are also more cautious about the outlook for the year ahead compared to this time last year, but are still positive about growth opportunities, with 74% expecting revenue growth, down from 88% last year.
Just over half (52%) of business leaders expect to grow their headcount, down from 66% last year.
Commenting on the survey, Feargal O'Rourke, PwC Managing Partner, said: "The majority of Ireland's business leaders feel that when the dust settles in the years ahead, Brexit will have had an overall negative impact on Ireland's economy. Brexit means uncertainty and uncertainty impacts investment and trade and we already see market turmoil and growth forecasts being pulled back.”
Irish businesses face unprecedented challenges after the somewhat unexpected vote by the UK to leave the EU earlier this year. This challenge was compounded this week by Donald Trump’s successful run to the US presidency.
Commenting on the US election, Feargal O'Rourke, said: "Our 2016 Business Forum 'Business...but not as usual' focused on the impacts of geopolitical uncertainty and what businesses should do to manage effectively in an increasingly volatile external environment.”
He added “The results of the US election highlight just how timely and relevant this theme was for business. In an Irish context we will be very interested in what a Trump presidency will mean for tax reform and trade.”