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Double-dip recession looms large

It will take Ireland up to a decade to exit recession and the prospect of a double-dip recession looms large, according to the CEOs surveyed. An overwhelming majority, 92 per cent, believe that it will take Ireland between five and 10 years to drag its way out of recession.

Almost two-thirds (64 per cent) of business leaders believe that it will take up to five years to exit recession, with more than a quarter (28 per cent) adamant that it will take up to 10 years to get the economy back on track. Just 5 per cent believe that the country can get back on track by the end of 2013.

Equally worryingly, 40 per cent of those surveyed stated that signs of growth should be treated with caution as they believed that Ireland was heading for a double-dip recession. The figure is a slight increase on last year's poll.

While Irish exports continue to grow in 2010, GDP fell by 1 per cent compared with the previous year. There are signs that the economy will continue to contract in 2011 due to government cutbacks, poor consumer sentiment and continuing high unemployment.

Sunday Indo Business