By Daniel Hunter

The International Chamber of Commerce (ICC) Ireland has said that despite a decline in the outlook for the global economic climate, the Eurozone and North America are set to improve.

These figures are derived from the latest World Economic Survey, published by the ICC and the Munich-based Institute for Economic Research (Ifo).

"While global sentiment has worsened since the last survey, the outlook for our key markets of North America and the Eurozone is much more positive," Ian Talbot, ICC Ireland Chairman said.

"These results are an indication of emerging stabilisation in the Eurozone. This is positive news given that these are the most important markets for Irish business."

"Further good news for Ireland is that economic expectations in the Eurozone have reached a three year high, boosting the area's economic climate indicator to its highest level since late 2011. The report attributes this optimism to 'a lack of bad news' in the last quarter.

"If we are to sustain this type of momentum, the Government must ensure that Budget 2014 does not increase the cost of business but rather looks to support SMEs, in particular retailers. The EU must also take note of the drivers of positive sentiment and the importance of dealing conclusively with issues."

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