Only 40% of Irish CEOs confident about global economic growth

Just four in 10 Irish chief executives are confident about growth in the global economy, while 84 per cent say they are confident about growth in the domestic economy, a survey shows.

KPMG’s 2017 chief executive outlook finds that a majority of 60 per cent viewed geopolitical uncertainties as having a greater impact on their business than had previously been seen.

The same number see the levels of trust in business either declining or staying static in the next three years.

The research shows that chief executives at Irish firms are embracing disruption as technology-driven change sweeps through global economies.

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Among the priorities of Irish chief executives are the threats surrounding cyber security. The report suggests that although chief executives have a better understanding of cyber risk than ever before, many are not fully on top of new technologies and therefore are not properly equipped to manage the risk.

Emerging technologies

In addition to cyber technology, emerging technologies are not best understood, according to the report. Some 97 per cent of chief executives in Ireland remain concerned about whether their business is keeping up to speed with new technologies. That's significantly higher than the global figure which shows only 47 per cent of businesses are concerned about whether their business is keeping up to speed.

“What is clear from this year’s survey is that many Irish CEOs are optimistic about the future of their own business despite doubts about the global economy.

"From the uncertainty of Brexit, the threat of protectionism and the challenges of new technology, Irish CEOs are accustomed to risk and are using it to create new opportunities," said Shaun Murphy, managing partner in KPMG.

While the sample size of KMPG’s worldwide chief executive outlook was 1,200, only 30 executives in the Republic of Ireland were surveyed.