Brexit offers Ireland a “great opportunity” to become the gateway to the EU for US and Asian businesses according to one of the world’s largest business groups.

PriceWaterhouseCoopers (PwC) today launched its annual survey of business leaders from around the world.

The 2019 CEO Survey finds that nearly 30% of the world’s top executives believe that global economic growth will decline this year.

It marks a record jump in the number of CEOs who believe a downturn may be on the way – with only 5% making the same prediction last year. 

Brexit

In terms of the outlook for Ireland, business leaders again highlighted Brexit as the key disruption facing the country.

PwC Ireland managing partner Feargal O’Rourke said the findings highlight the need for Irish businesses “intensify their no-deal contingency planning.”

“With ongoing political chaos in the UK, businesses still have no clarity and the risk of a disorderly Brexit on March 29th has increased,” he said.

File photo of PricewaterhouseCoopers’ German headquarters in Frankfurt, 08-10-2015. Image:  Frank Rumpenhorst/DPA/PA Images

'Horse whisperer'

He noted that many Irish businesses, “though cautious, continue to be positive about Ireland’s economy” and the potential for future growth.

“As a small open economy, seizing the opportunities will be important,” he said.

“Maintaining and increasing competitiveness, both at national and company level, will be critical and as the only English-speaking EU country post-Brexit – with a pro-business environment and access to over 400 million consumers – Ireland has a great opportunity as a gateway to the EU for US and Asian businesses.

“Indeed, as a consequence of Brexit, the US will be looking for a new ‘horse whisperer’ to interpret and engage with the EU.

“Ireland is well placed to fulfil that role.”

Talent stream

He said the availability of key talent is one of the greatest challenges facing Irish businesses and warned that “ensuring we have a pipeline of key skills for a digital world is essential.”

“Businesses also need to think beyond today to fully grasp the opportunities that emerging technologies, such as artificial intelligence and robotics, can bring,” he said.

"For example, having the right data enabling key decision-making."

Economic outlook

The PwC study heard from over 1,300 CEOs around the world and was launched at the World Economic Forum Annual Meeting in Davos today.

While many offered pessimistic outlooks, all was not doom and gloom - with 42% saying they expected economic improvement this year.

The biggest shift in confidence came in the US where optimism among CEOs dropped from 63% to 37%.

The Middle East also saw a big drop, with only 28% hopeful about the New Year compared to 52% this-time-last-year.