Irish small and medium enterprises (SMEs) have burned through reserves of cash and favours from suppliers and are approaching a 2012-style crisis with major implications for employment. The developing 'silent slowdown' threatens widespread job losses across sectors. Measured unemployment has risen from 3.9pc to 4.9pc, signalling mounting labour-market pressure. Azets Ireland advises around 4,000 Irish businesses and identifies pervasive financial vulnerability among firms. Immediate government intervention and targeted support measures for SMEs are necessary to stabilise company finances, maintain supplier relationships, and protect jobs to prevent a deeper economic downturn.
Government called on to take urgent action and support 'the backbone of the Irish economy'
Irish small and medium enterprises (SMEs) have burned through their reserves of cash and favours from suppliers and are heading for a 2012-style crisis with major jobs implications, according to one of the country's top accountants.
This "silent slowdown" is a major threat to jobs, with unemployment having already crept up from 3.9pc to 4.9pc, according to Neil Hughes, CEO of Azets Ireland, which advises around 4,000 Irish businesses.
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