Irish executives are more positive about the outlook of businesses in Ireland than their counterparts globally are about business in other countries.

The Forvis Mazars C-Suite Barometer 2025 shows 96% of Irish business leaders have a strong, positive outlook compared to the global average of 93%.

Despite widespread optimism, there is economic uncertainty and increased competition in Ireland - these are the top two factors cited by respondents as holding back growth in Ireland.

Changing economic trends (40%), increased competition (38%) and new technologies (38%) were raised by substantial minorities of respondents.

Confidence in managing these key challenges is particularly low among Irish executives (31%) and is six points lower than the global average (37%).

Transforming IT and technology (47%), launching new products/services (31%) and adapting to climate change (29%) are the top three strategic priorities for respondents, highlighting the primacy of AI and sustainability initiatives.

“These findings offer an interesting glimpse into the dynamic landscape of Irish business, reflecting both the optimism and the challenges that lie ahead for local leaders in a rapidly changing global environment," said Tom O'Brien, managing partner for Forvis Mazars in Ireland.

"The macro environment has already shifted significantly since this survey was conducted with geopolitical tensions intensifying and the potential economic impacts still somewhat unclear.

"It will be important that business leaders build resilience and headroom into their business plans.”

The most important source of growth for C-suite leaders in Ireland is organic growth at 42%), followed by strategic alliances (22%).

International expansion is also a potential growth opportunity with 80% of businesses in Ireland planning some international expansion in the next five years, with the neighbouring UK the top destination targeted.

Key challenges for those expanding internationally are understanding local regulations (48%) and securing a local workforce (57%).

Almost half of C-suite leaders say generative AI will have a “major” impact on business but 80% still have ethical concerns about the technology.

However, 58% of Irish businesses have a clear strategy to harness AI opportunities compared to 67% globally.

While 75% of Irish executives recognise the impact that AI and GenAI will have on business and expect its influence to be higher than their international counterparts (96% compared to 87% globally), they are reporting lower levels of adoption (60%) than elsewhere (70%).

Over half of Irish business leaders (56%, 14 percentage points higher than the global average) believe that AI will lead to changes in roles and to job displacement in their organisation, and 80% have highlighted the ethical factors around the use of AI and GenAI as being a significant concern.

Some 83% of Irish executives consider that these ethical concerns can be addressed by strong AI regulation, much higher than the global average of 75%.

Commenting on the survey, Dera McLoughlin, head of consulting for Forvis Mazars in Ireland said: “This study echoes what we are seeing on a day-to-day basis with our clients in Ireland.

"Most Irish executives recognise the enormous potential of AI and GenAI to support and grow their businesses, streamline work functions, and increase efficiency and quality, but also that they also come with serious security, ethical, and intellectual property risks.

"As AI adoption accelerates, organisations must move beyond simple tool implementation and focus on developing comprehensive AI frameworks – focusing both on the power and potential of the tools and models but also on their governance, risk, security and data management challenges.”

Identifying the audience for their reports (41%), selecting the right provider (37%) and navigating regulatory requirements (33%) are the biggest sustainability reporting challenging for executives in Ireland.

In contrast, 33% of global executives are focused on data quality compared to 19% in Ireland.

When it comes to sustainability reporting priorities, diversity & inclusion (D&I) leads in Ireland, followed by the circular economy.

Irish executives rank climate and carbon reporting as a lower priority compared to their global peers (39% versus 57%).

Additionally, three in five Irish executives (60%) – in line with global trends – view ESG reporting requirements more as a cost than an opportunity.

Liam McKenna, sustainability partner in consulting for Forvis Mazars in Ireland said the findings "may indicate that Irish companies are earlier in their reporting journey.

"For companies and organisations not subject to mandatory reporting, it is essential to carefully assess and commit to the most suitable reporting standard.

"Rushing into a framework without fully understanding its implications could result in costly revisions in the future.”

(Pic: Getty Images)