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Also
it might not be as strong now as it was a few years ago, Ireland is
still going through the greatest economic development since it gained
independence. The growth rate of the country is one of the highest in
the world and its economic success granted the country the surname of
Celtic Tiger.
How to explain such a success? Ireland has cleverly used the many
European funds she has been granted. The interesting tax laws have
attracted foreign investors and the country is now a leader in |
a number
of industries, such as pharmaceuticals or Information Technology.
Tourism has literally exploded during the past ten years. Ireland has
even seen an inversion of its emigration: since 1995, more people have
come to settle in Ireland than people have left. Most people in Ireland
are at an age for work, ie older than 19 and younger than 64, and a new
type of entrepreneurs is gradually emerging. They are mainly young
graduates who took advantage of the growing economy to set up their own
company and who have most of the times succeeded.
It is noteworthy that agriculture, which has long dominated the Irish
economy, has played a very minor part in this unbelievable development.
This sector is however still prosperous, even since the outbreak of
foot and mouth disease in 2001. The Irish agriculture is one of the
most successful in the world and irish farmers have very low debts.
The stability of the economy is however questioned by some. Ireland,
which is highly reliable on foreign companies interested by its low tax
rate, could quickly lose its status of tax heaven if European
regulations are put into place in this area. There is also a growing
gap between the rich and the poor, even though many people have
benefited from the economic growth and even though the unemployment
rate is still getting lower. This fast growth put great pressure on
housing, health and road infrastructures. Strikes have also developed
in recent years. |
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