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Economic Outlook for Eurozone Hopeful Despite Weakening of World Economy

Aug 14, 2013

The International Chamber of Commerce (ICC) Ireland has today (14/08/13) said that despite a decline in the outlook for the global economic climate, the Eurozone and North America are set to improve. These figures are derived from the latest World Economic Survey, published today by the ICC and the Munich-based Institute for Economic Research (Ifo).

Speaking this morning, Ian Talbot, ICC Ireland Chairman said, “While global sentiment has worsened since the last survey, the outlook for our key markets of North America and the Eurozone is much more positive. These results are an indication of emerging stabilisation in the Eurozone. This is positive news given that these are the most important markets for Irish business.”

“Further good news for Ireland is that economic expectations in the Eurozone have reached a three year high, boosting the area’s economic climate indicator to its highest level since late 2011. The report attributes this optimism to ‘a lack of bad news’ in the last quarter. If we are to sustain this type of momentum, the Government must ensure that Budget 2014 does not increase the cost of business but rather looks to support SMEs, in particular retailers. The EU must also take note of the drivers of positive sentiment and the importance of dealing conclusively with issues” he concluded.

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For further information contact Amy Woods, Chambers Ireland on 01 400 4319, 086 6081605 or email amy.woods@chambers.ie

Notes to Editor
About the World Economic Survey
Over 1,000 economic experts from business and academic institutions in 123 countries were surveyed to assess current and expected economic developments. Their answers were analyzed to reach a quarterly figure representative of the current global economic climate. The survey is carried out by the International Chamber of Commerce (ICC) and the Munich-based Institute for Economic Research (Ifo).

About the International Chamber of Commerce (ICC) in Ireland
Chambers Ireland is the official representative of the International Chamber of Commerce in Ireland. ICC is the largest, most representative business organisation in the world. Its hundreds of thousands of member companies in over 120 countries have interests spanning every sector of private enterprise.

A world network of national committees keeps the ICC International Secretariat in Paris informed about national and regional business priorities. More than 2,000 experts drawn from ICC’s member companies feed their knowledge and experience into crafting the ICC stance on specific business issues.

The United Nations, the World Trade Organisation, the G20 and many other intergovernmental bodies, both international and regional, are kept in touch with the views of international business through ICC.

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