NI businesses expect growth to 2021 but it will be slow

Northern Ireland's business leaders are confident their companies will grow despite the challenges of Brexit the risk of cyber attack or generational shift.
By The Newsroom
Published 23rd May 2018, 07:00 BST
Updated 8th Jun 2018, 08:42 BST
Launching the KPMG CEO survey are John Hansen, head of KPMG NI and CBI NI director Angela McGowanLaunching the KPMG CEO survey are John Hansen, head of KPMG NI and CBI NI director Angela McGowan
Launching the KPMG CEO survey are John Hansen, head of KPMG NI and CBI NI director Angela McGowan

However, Northern Ireland’s chief executives are not anticipating rapid or very impresssive growth according to the latest KPMG Global CEO Outlook.

The survey found 92% of CEOs in the province are confident about their company’s growth prospects in the next three years, similar to the global average of 91% but less than the 100% confidence amongsttheir counterparts in the Irish Republic.

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The report - which surveyed 1,300 CEOs across many of the world’s largest and most successful businesses - showed that expectations for business growth In Northern Ireland are low.

Most NI respondents (84%)predict an uplift of under 2% over the next three years and the remaining 16% expect growth of 2%-4.99%.

In the Republic those figures are 72% and 24% respectively, with 4% of CEOs there expecting growth of 5% and over.

The survey, which garnered insight from Northern Ireland CEOs and those around the world, found a pragmatic group of leaders who are determined to put strategies in motion and to personally drive digital transformation and the transition of the workforce for the digital age.

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“Northern Ireland’s CEOs are driving their businesses forward at a time of great change,” said John Hansen, partner in charge at KPMG in Northern Ireland.

“Our survey shows they are having to be agile in order to meet the challenges posed in an ever-changing environment where new threats are emerging all the time.

“With those challenges comes opportunity and by exhibiting the fortitude, resilience and innovation with which they have become known for, Northern Ireland companies will be able to thrive in the run-up to and after Brexit.”

When it comes to the specific challenges which Northern Ireland companies face, nearly two thirds place operational risk as the biggest worry, followed by cyber security risk and talent risk.

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Just 25% cited the threat of a return to territorialism as a threat to growth, despite being one of the most important threats for those in the Republic and further afield.

In a similar vein, 92% welcomed disruption as an opportunity with most, again 92%, actively setting out to disrupt the sector rather than waiting to be disrupted by others.

Related topics:Northern IrelandBrexit