The latest global survey from the ACCA reveals positive signs for Irish economic performance this year when compared to other major economies around the world.
The survey from the professional accountancy body shows that access to finance and business revenue remains strong.
While the research shows that the global economy is showing signs of steadying, many indicators remain weaker than in previous years.
In terms of how Ireland compares to the rest of the world, the research highlights that we are outperforming rival countries across a range of important economic indicators.
This includes access to finance with only 5% of businesses here reporting funding problems, compared to 21% globally and only 20% of local companies are experiencing decreased income compared to 39% internationally.
The survey also revealed that significantly fewer Irish companies were experiencing invoicing challenges than their international counterparts, with only 7% of businesses facing problems with prompt payments compared to 24% globally.
However, the study shows that the full impact of inflation pressures are being felt by Irish businesses with 91% of companies experiencing increased costs in the last three months of 2022, which is 20% higher than the global average of 71%.
The survey highlighted that the issue of increased costs was more heightened generally across Europe, when compared with the rest of the world, with the squeeze on energy prices caused by the Ukrainian war a significant contributory factor.
"The results of our Global Economic Conditions Survey are indicative of the challenges that face the global economy in 2023," said Caitriona Allis, Head of ACCA Ireland.
"While there are undoubtedly hurdles to be overcome nationally and internationally, Ireland’s strong indicators relative to other economies across a range of key areas including access to finance and prompt payments, highlights strong levels of transactions and business performance in the Irish economy and positions us well to weather the storm in the year ahead," she added.
Ms Allis said while this year will be challenging, there is an underlying confidence that the Irish economy is well placed to overcome these hurdles.
