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Name(s): BRENDAN BOYLAN
Student ID Number(s):12712941
Module Code: EF 303
Assignment Title: Evaluate the view that the Irish economic crisis is over Submission Date: 15 DECEMBER 2014
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This essay will evaluate the view that the Irish economic crisis is over. Firstly, it would be appropriate to explore the background to the current economic crisis and outline the events that led up to the crisis that occurred from 2008 onwards. The essay will then give a brief overview of the effect the crisis had on the Irish finances. By comparing the crisis faced by Ireland with that of the situation faced by the three Nordic countries, Sweden, Norway and Finland the essay will investigate the severity of the Irish crisis. Finally, the essay will look at the claim that the crisis is over and a cursory examination of the future policies being employed by the Irish government.
BACKGROUND TO THE CRISIS
Ireland had been praised for its economic performance from the end of the 1990s up to 2008. For such a small country to be producing such staggeringly good economic successes, Ireland was held up to be an inspiration to other aspiring countries who were trying to replicate the Irish results (Featherstone, 2010). Kevin Gardiner, a UK economist, came up with the phrase ‘Celtic Tiger’, comparing Ireland’s rise to that of the Asian Tiger economies (Gardiner, 1994). What must be realised the performance was partly due to the low base that Ireland was starting from. With the upturn in the Global market, the Irish government had targeted high technology companies such as Microsoft and Dell to base their companies in Ireland. By offering low corporation taxation rates, low waged employees and government grants, it was hoped that these incentives would attract Foreign Direct Investment. Another incentive to attract this investment was the fact that Ireland was now part of the EC so therefore could act as a gateway into Europe. At that time Ireland had a young, well trained, English speaking workforce and a developing social partnership with the unions which would help to limit the possibility of industrial disputes (Featherstone, 2010).
The growth levels that Ireland achieved were unprecedented during this period and Gross Domestic Product (GDP) increased on average by 7% each year and was the highest among in the...
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