With a lot of speculation abounding in the wake of Ireland's rejection of the Lisbon Treaty, Barrett agrees that external factors, both within and outside of the EU, have a huge effect on Ireland's economy.

"Very often, cycles in the economy are linked to the American election cycle. Often the end of a term as president can coincide with something of a recession. This is a serious issue and, with the price of oil reaching an all-time high last week, this is a very uncertain time for business.

"We are currently coming into a low, to the base of a wave and doing reasonably well. This has a lot to do with being tied to the fortress of Europe. A lot of the European economies, such as Germany, are doing well at the moment and this is of great benefit of us. However, the outcome of the Lisbon Treaty will have a huge effect on this in the future."

With businesses eager to maximise their survival potential in such a turbulent economy, Mr Barrett advises employers to concentrate on up-skilling their staff, as 'knowledge industries' are the way of the future.

"There is still potential for growth in some areas of industry but high skilled training and education are vital. There is no doubt that businesses are thinking strategically at the moment and taking a view of what they have to offer. My advice to employers would be to invest heavily in training and up-skilling for their workers. This is not a cost, as it will greatly strengthen the business itself. Knowledge industries are going to be the most secure going forward, especially areas such as IT and PharmaChem. Fields with a strong emphasis on research are the way of the future and will develop in a small open economy like Ireland."

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