2/19/2024 0 Comments Gulf coast council tiger growl![]() ![]() ![]() In early January 2009, The Irish Times, in an editorial, declared: In early 2008, many commentators thought a soft landing was likely, but by January 2009, it seemed possible the country could experience a depression. Historian Richard Aldous stated the Celtic Tiger has now gone the "way of the dodo". The entire Irish episode will be studied internationally in years to come as an example of how not to do things." Some critics, such as David McWilliams, who had been warning about impending collapse for some time, concluded: "The case is clear: an economically challenged government, perniciously influenced by the interests of the housing lobby, blew it. The causes of Ireland's growth are the subject of some debate, but credit has been primarily given to state-driven economic development social partnership among employers, government and trade unions increased participation by women in the labour force decades of investment in domestic higher education targeting of foreign direct investment a low corporation tax rate an English-speaking workforce and membership of the European Union, which provided transfer payments and export access to the Single Market.īy mid-2007, in the wake of the growing global financial crisis, the Celtic Tiger had all but died. During that time, the country experienced a period of economic growth that transformed it from one of Western Europe's poorer countries into one of its wealthiest. The Celtic Tiger period has also been called "The Boom" or "Ireland's Economic Miracle". An Tíogar Ceilteach, the Irish language version of the term, appears in the Foras na Gaeilge terminology database and has been used in government and administrative contexts since at least 2005. The term refers to Ireland's similarity to the East Asian Tigers: Hong Kong, Singapore, South Korea, and Taiwan during their periods of rapid growth between the early 1960s and late 1990s. The first recorded use of the phrase is in a 1994 Morgan Stanley report by Kevin Gardiner. The colloquial term "Celtic Tiger" has been used to refer to the country itself, and to the years associated with the boom. The economic and financial crisis lasted until 2014 the year 2015 with a growth rate of 6.7% marked the beginning of a new period of strong economic growth. The economy underwent a dramatic reversal from 2008, hit hard by the global financial crisis and ensuing European debt crisis, with GDP contracting by 14% and unemployment levels rising to 14% by 2011. Ireland's rapid economic growth has been described as a rare example of a Western country matching the growth of East Asian nations, i.e. The Irish economy expanded at an average rate of 9.4% between 19, and continued to grow at an average rate of 5.9% during the following decade until 2008, when it fell into recession. The boom was dampened by a subsequent property bubble which resulted in a severe economic downturn.Īt the start of the 1990s, Ireland was a relatively poor country by Western European standards, with high poverty, high unemployment, inflation, and low economic growth. The " Celtic Tiger" ( Irish: An Tíogar Ceilteach) is a term referring to the economy of Ireland from the mid-1990s to the late 2000s, a period of rapid real economic growth fuelled by foreign direct investment.
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