Ireland’s drastic decline in the latest world competitiveness rankings for business has been labelled ‘disturbing news’ for Clare.
Despite being named at sixth last year, the latest index shows that the country has fallen to 12th place, with housing and infrastructure to blame.
Among the business community in this county, it’s causing concern as Clare FM’s Fiona McGarry reports:
The recent report by Swiss business school IMD ranked countries around the world by their competitiveness for business, ans saw Ireland drop six places to 12th in just one year.
Costs associated with housing are largely to blame, and it’s feared that this fall in the business barometer could lead companies to invest elsewhere..
The index is a barometer which can be used as a guage by potential investors – any slip means they may be more inclined to go elsewhere.
President of Ennis Chamber of Commerce Diarmuid McMahon doesn’t expect to see this country climb back up those rankings overnight.
Shannon has long been a key beneficiary of the Foreign Direct Investment coming into this county, but Cathaoirleach of Shannon Municipal District Mike McKee feels this is drying up
He says this latest development doesn’t bode well for Clare.
While infrastructural issues are also highlighted, the ongoing housing crisis here means it may be some time before Ireland’s competitiveness rankings improve.
Cormac O’Sullivan of DNG O’Sullivan Hurley Auctioneers isn’t surprised, given the supply issue gripping the county right now.
He says capacity is going to continue to be a challenge.
