Only a third of company chiefs are optimistic about prospects for the global economy over the next three years, according to a new survey from KPMG.
The accounting group surveyed global chief executives in January, before the coronavirus started spreading beyond Asia, and again in June and July.
In January, around seven in ten company chiefs said they were optimistic about the growth outlook before falling substantially by the summer.
Irish CEOs were more confident about future growth, the study found, with just over two thirds confident about prospects for the global economy.
That was down from over 80% in January.
But confidence in the Irish economy has fallen sharply since then. Just over half of CEOs here were optimistic about Ireland's growth prospects in the coming years, down from 92% in January.
Globally, the biggest risk identified by CEOs - beyond the immediate threat of the pandemic - was around the retention of talent.
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For Irish chief executives, interest rates and cyber security were seen as the greatest threats to business.
"Rates are more of a macro threat because there isn't significant private debt generally," Seamus Hand, managing partner with KPMG in Ireland, said.
"The Government has borrowed heavily to support business and people out of work. It's been the right strategy and low rates have facilitated that, but many bear the scars of the last recession when interest rates and challenges in borrowing made things very difficult. That's feeding that concern," he explained.
As well as changes apparent in the increased use of digitisation in the workplace as a result of the changes made during the pandemic, eight in ten company chiefs here said they wanted to accelerate their climate change gains.
A similar proportion said they recognise that managing this risk will play a part in whether they keep their jobs over the next five years.
Mr Hand said the business environment had proven itself to be remarkably resilient during the pandemic.
"That's down to those who've been fortunate enough to keep their jobs and have shown adaptability and commitment," he told Morning Ireland on RTÉ Radio.
"We had a really strong economy and an adaptable workforce and that has helped us limit the impact. There is a storm to come and it's important that we maintain the confidence in the economy and continue on the path to recovery," he concluded.
