KPMG’s 10th annual CEO Outlook survey reveals Irish CEOs demonstrating strong confidence in the local and global economy and significant plans to invest in AI and talent.
Survey findings confirmed that AI remains the top investment priority with sixty-seven percent of Irish CEOs seeing enhanced opportunities in GenAI to enable a skilled and productive workforce
Irish CEOs are more confident than their global counterparts on the economic outlook locally and internationally over the next 3 years. 90 percent anticipate growth in the Irish economy and 80 percent expect the global economy to grow over this period.
Ninety-seven percent of Irish CEOs are expecting to increase headcount in the next three years, notwithstanding challenges in recruiting relevant talent. Ninety percent of Irish leaders now predict a full ‘return to office’ in three years’ time.
Confidence in the three-year prospects for the Irish economy remains strong, with ninety percent of respondents anticipating economic growth over the period. They also see strong growth prospects in the global economy with eighty percent of Irish CEOs telling us that they expect global growth over the next three years which is up from sixty percent last year and higher than their global counterparts at seventy two percent.
93 percent of CEOs in Ireland (up from 73 percent last year) are also optimistic about the future prospects of the companies they lead in terms of predicted growth over the next three years, despite remaining uncertainty and risk from labour shortages, cost pressures and geopolitical complexity.
This confidence is also demonstrated in CEOs future hiring plans with ninety-seven percent of Irish CEOs stating that they expect to increase headcount in the next three years. This is up from seventy percent only two years ago.
In Ireland supply chain issues ranks as the biggest single concern for business leaders reflecting the highly global and open nature of our economy.
KPMG Managing Partner Seamus Hand says; “It is great to see the continuing confidence of Irish CEOs when it comes to the growth prospects of their companies and our economy over the next three years. While there are risks such as cost pressures, increasing regulatory complexity and geopolitical uncertainty, the resilience and underlying strength of the economy remains strong.”
Irish CEOs are investing in innovation through GenAI and in talent to underpin growth ambition
Sixty- seven percent of Irish chief executives agreed that GenAI remains a top investment priority and expect it to be a key enabler of future growth. The majority of Irish CEOs (seventy percent) believe GenAI will create more jobs than it displaces in the Irish labour market versus only twenty-three percent of their peers worldwide.
Commenting on the survey findings, KPMG Managing Partner Seamus Hand says; “Irish CEOs are leading the way globally in seeking to prepare for and realise the AI opportunity. The speed of development in this exciting space means that leaders need to be at the forefront of embracing GenAI in their business operations, but equally recognise the technical, regulatory and operational threats that come with putting their AI strategies into practice.
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