This article will explore the subject of the economic lessons for Canada from Ireland’s success story under the following divisions: the reasons behind the success of Irish economy; Canadian economy in contrast to Irish economy; lessons to learn from Ireland’s success…
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This research will begin with the statement that in the recent years, the economy of Ireland has shifted its focus from being an agricultural economy to a more knowledge-based economy. The focus is more on the trade, investment, service sectors and the high technology industries. Ireland is considered as one of the wealthiest economies among the OECD countries. According to the reports of PWC, the economy is expected to have a GDP growth rate of 0.8% in the year 2011. Ireland is a globalized economy with the second largest GDP in the EU. During the period of the Celtic Tiger; its GDP grew in a double-digit figure. The countries GDP growth rate was consistent at 6% till 2008, after which it faced a drastic fall in its GDP owing to the global recession. The economic growth also resulted in a high inflation rate. However, the prices fell in light of the global recession, and as per the reports till 2009, the inflation rate fell by 4.5%. Fall in the inflation rate is good for an economy as it also boosts the investment sector. The public finances also registered a positive growth due to the strength of Ireland’s economy. The rate of employed people grew drastically and the unemployment figure fell. The average unemployment rate is expected to be 13% in the year 2011. The economy has only 5.5% of its population below the poverty line. US investments is one of the factors that helped in Ireland’s growth as well as modernization by increasing its employment opportunities, export potentials and enriching its technology.
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