There has been a notable decline in confidence in the outlook for the Irish economy, a survey of business leaders by the Institute of Directors shows.
Only around one in ten respondents said they were more optimistic about the prospects for the Irish economy with nearly two thirds saying they were more pessimistic.
Those statistics are almost exactly the reverse of the outcome at the same time last year.
The survey of 344 directors and business leaders was conducted in late June and early July.
Geopolitical instability was identified by a fifth of participants as the single biggest risk factor facing businesses, followed closely by inflation.
Firms, as well as consumers, have been dealing with soaring energy costs and higher borrowing costs as a result of the inflationary environment that has been exacerbated by the Russian invasion of Ukraine.
Borrowing costs are likely to to raised again today when the ECB is expected to announce another increase in interest rates to try to tame surging inflation.
"Our new research comes at a time of an increasingly uncertain and unpredictable world where nothing can be taken for granted, especially future stability," Caroline Spillane, CEO of the Institute of Directors said on the publication of the latest findings.
"We have had a succession of negative global events, a perfect storm, if you like, that has seen business confidence under severe downward pressure," she added.
Almost two thirds of business leaders identified 'strategy' as the most desired area of expertise in the boardroom over the next two years.
That was up significantly from around one third who selected that competency last year.
Cyber security dropped down the list despite warnings of heightened threats of attack in recent months, particularly among small and medium sized enterprises.
