Loss of Irish Economy Essay

Loss of Irish Economy Essay

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From the year 1987 to the year 2000, Ireland has experienced an incredible economic boom. It went through different phases, the Celtic tiger time for example, and was due to several reasons. The first factor that helped Ireland to develop itself, is that in 1987, the government decided to change its economy policy in order to stimulate the boom. They wanted certain stability, so they took some majors decisions like decreasing the government spending and cutting tax on wages for employers, this came with a demographic growth which could supply companies in labour force. It really contributed to increase the competitiveness for the employers. The government also encouraged foreign direct investments, especially in the new high-growth industries like services and industries. And in order to provide a well educated labour force to companies, the government invested in education and training, this was a key of economic success for Ireland, it attracted many foreign companies to come and set up their business. Ireland also received a lot of subsidies from the European Union, which were properly used by the government, these have helped to increase the productive capacity. Another factor that we could take in consideration is the fact that Ireland joined the Euro currency membership rules, which made the exportations 10% cheaper and participated to make Ireland more independent from the United Kingdom. All these factors really encouraged the economic boom in Ireland and made it really competitive compare to other European countries. Nonetheless, since 2000 Ireland is going through a loss of economic competitiveness, what are the reasons behind that? We could thing about many factors that had an impact on this situation.
Since 2000, desp...

... middle of paper ...

...ey were having an incredible boom before the bust came and deteriorated all the economy, they were not expected it. The country was doing really well, people and the government were spending more then you should and then things got out of control, global economics problems appeared and had a really bad impact on small countries like in Ireland. The entry of new countries in the European Union did not help the situation at all, because Ireland had to compete with cheaper country, Ireland was too expensive at that time and could not keep its foreign direct investments with an attractive business environment. However, the government has noticed the lack of competitiveness and is now trying to make Ireland more competitive, politicians came out with new strategies and better plans for the future like reducing the cost of doing business and investing in infrastructures.

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