Budget 2005 will not improve economic competitiveness, according to a survey of chief executives carried out on Wednesday evening. Nearly 60 per cent said the Minister for Finance's maiden Budget would "do nothing" for competitiveness, while 30 per cent felt "it may store up further competitiveness issues for the future".

Only one-third of the chief executives surveyed said the Budget was a good start for Minister Cowen in his new ministry.

Half of the participants in the survey - which was carried out by PricewaterhouseCoopers - said the biggest issue that the Government should prioritise is infrastructural development, while one-third believed the priority should be the efficiency of public services.

The executives were also asked if they expected to expand their businesses in the coming year. Just under 40 per cent said that they would put recruitment on hold for the next 12 months, while 33 per cent said they would "start planning now for additional employment within the next 12 months".

Just 12 per cent said they would be adding to their workforce as soon as possible.

The executives were sanguine on the prospects for the economy, with 40 per cent confident that current growth trends would continue.

But a further 43 per cent linked continued economic growth to developments in the global economy. Only 13 per cent predicted the economy would decline.