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Almost three-quarters of Irish companies expect to be hurt by higher European Central Bank interest rates, the first of which will likely be announced on Thursday, Buy nike running shoes onlinea survey of businesses showed.

The ECB's expected first interest rate hike in nearly three years couldn't come at a worse time for euro zone struggler Ireland, its crippled banks, and borrowers already stretched due to high unemployment and weak economic growth.

The KBC Bank/Chartered Accountants of Ireland's quarterly business sentiment survey showed that of the 73 percent of companies expecting to be stung by rate hikes, they were likely to be affected in a range of ways.

"The key channels include the negative consequences for demand, the increase in companies' financing costs and the more generalised damage to sentiment across the economy," Austin Hughes, chief economist at KBC Bank Ireland said.cheap nike mens acg sandals

The survey showed that business activity levels have improved marginally in the past three months, and that respondents expect markedly more positive conditions over the next quarter.

Businesses also reported a further fall in employment but with one in five firms reporting an increase in employment and one in four a reduction in headcount, the survey suggests the worst news on jobs is over, according to Hughes.

"The Spring 2011 survey suggests that there has been clear progress in the sense that conditions are notably less traumatic than those prevailing a year ago," Hughes wrote in a general commentary on the survey.Buy nike cheap mens acg sandals

"It is also clear that the Irish economy is finding it difficult to develop a strongly positive momentum across a broad array of businesses because many significant 'headwinds' to recovery remain in place."