A survey of chartered accountants in Northern Ireland shows that more than half believe that prospects for the economy in the year ahead are 'poor'.
Just 7% of respondents rated the outlook as 'good' or 'very good'.
The survey from Chartered Accountants Ulster Society show that three quarters of respondents believe that the Northern Ireland economy is either contracting or stagnant, with only one in four believing the economy is growing at present.
Political instability and cost of living pressures were the top concerns, with 82% of those surveyed saying that the Northern Ireland Executive should be restored.
The research also shows a rise in the number of Chartered Accountants who feel that the number of businesses in financial distress was increasing - at 77% in 2023, up from 44% in 2022.
Meanwhile, the survey shows that a majority of businesses believe that the Northern Ireland Protocol, now the Windsor Framework, with access to both the British and EU markets, presents a significant opportunity for Northern Ireland.
Emma Murray, Chairperson of Chartered Accountants Ulster Society which represents over 5,300 Chartered Accountants in Northern Ireland said the survey results highlight that chartered accountants are seeing some significant warning signs for the local economy.
"They are pointing to a long list of negative influences including the current political impasse in Northern Ireland, the squeeze on living standards, cuts in government spending, and the increased cost of doing business, plus the impact of the UK's exit from the European Union," she said.
"Our members want the Executive to be restored so that we can begin to work together to address these issues for the benefit of everyone in Northern Ireland," she added.
