Prediction 1,000 Irish companies could go under in 2023 if global recession hits

A new study from PwC says business failures could cost the economy billions

Shoppers in Dublin pass by a shop with a closing down in the window. Picture:

Up to 1,000 Irish companies could go out of business this year, a new study has predicted.

The latest insolvency barometer from PwC, the professional services firm, said business failures rose significantly at the end of 2022.

“Based on a possible global recession and on business failures reaching 1,000, PwC’s Q1 2023 barometer estimates the direct economic impact of business failures will be in the range of €3 to €4 billion in 2023, and possibly ...