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Economy of the Irish Republic - Case Study Example

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From the paper "Economy of the Irish Republic" it is clear that the Irish economy has shed its early inhibitions and downward trends in its economy, which persisted until the 1980s, and is now well set on the road to high-speed economic growth and development…
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Economy of the Irish Republic
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Download file to see previous pages “Because Ireland is a small country, FDI has a much more important impact than it does in larger countries such as the U.S., which receives much larger sums of foreign investment.” (Berry).

The housing market helped to sustain growth in recent years as housing investment has reached almost 16% of GNI, but the market has turned since 2006.on the basis GNI growth is expected to decline from 5% in 2007 to 3% in 2008. The housing market weakness also effected badly on increasing the rate of unemployment from 4% in 2006 to 5.5% in 2008. Ireland enjoyed spectacular growth in tax revenues over the past years but this is affected by the economy declining, the government surplus of 3.5% of GNI has reduced into .5% in 2007due to the lower property-related receipts the real government expenditure has expanded rapidly.

In the year 2005, Ireland’s employment rates reduced from 14% to 4%, due to the growth in GDP. But in the year 2006 the unemployment rate increased to 4.4% Ireland faces a problem of sustainability from other countries because of the generation gap in a population aged over 65, relating to the working-age population .the current system will unsustainable even with the national pension fund.

The growth rate in GDP has reached 10%from 1997 to 2000; which in 2005 has reached $169 billion, above the average of EU 25. However, since the year 2006 Ireland’s economic growth started to slow down, due to the lower investment spending and more moderate consumption, which is 5.6%, in 2007 at 4.7% and it is projected to slow down further in the coming years.

In the past years, economic activity remains strong by the strong domestic demand but it is now easing in the short step that should be taken to attract foreign investment. In the longer run, stronger productivity growth and continued increase in participation rates will be needed to sustain a fast pace of real income growth. The easing activity has slow down government revenues and a sharp drop in the fiscal surplus .at the same time the government is committed to a large infrastructure investment program, and there is strong demand for better public service “The buoyant housing market helped to sustain strong economic growth in recent years as housing investment reached almost 16% of gross national income (GNI), the highest in the OECD. (Policy Brief: Economic Survey of Ireland 2008: What is the Economic Impact of the Housing Market? 2008). ...Download file to see next pagesRead More
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