Ireland’s small and medium-sized businesses are facing what some are calling a “silent slowdown,” with serious implications for jobs and the wider economy.

According to one of the country’s leading accountants, Neil Hughes of Azets Ireland, many SMEs have already burned through their cash reserves and goodwill from suppliers—and are now teetering on the edge of a crisis not seen since 2012.

Unemployment has already crept up from 3.9% to 4.9%, and the warning signs are flashing red for thousands of businesses across the country.

To get a sense of how this is playing out on the ground and what can be done to support Irish SMEs, Sally-Ann Barrett was joined by Jean McCabe, Clare-based CEO of Retail Excellence Ireland, and owner of Willow and David Broderick, Director of the Small Firms Association.