Nobody downloaded yet

The Irish Economy - Essay Example

Comments (0) Cite this document
The Republic of Ireland is a state located in the north-west of the European continent (Nolan). After suffering from invasions in its early years, the country managed to survive politically and economically.
The Irish economy is worthy of a glance, particularly how it managed to achieve the sudden economic growth and more importantly how it continuously survive the threats from recession and economic crisis…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.2% of users find it useful
The Irish Economy
Read TextPreview

Extract of sample "The Irish Economy"

Download file to see previous pages Our paper is divided into five sections. The first one is the discussion of the current economic state of Ireland particularly using the 2008 and 2009 data plus the recent 2010 figures for an update, then we discuss the contributing factors to such a state in the next section. To get into the details, we examine and analyze the fiscal and monetary policies done recently. This will compose of the third and the fourth sections respectively, wherein analyses using economic theories will be in-depth. The last section discusses the question of how successful has the Irish government and the Central Bank been in managing the economy. Here we will be able to directly answer the question.
Ireland has been a success story, until the recent global economic recession. From an agricultural country at the start of 1900, Ireland experienced an unprecedented economic growth with its GDP doubling in size in a little more than a decade (ESRI). It entered the European Union in 1973, as one of the pioneering countries. Fuelled by its EU membership and several investment promotion policies, the Irish economy became the fastest growing economy among the EU members (iExplore). "In recent decades the Irish economy has been transformed from being agrarian and traditional manufacturing based to one increasingly based on the hi-tech and internationally traded services sectors. In 2007, the services sector accounted for 64 per cent of Irish GDP, while industry accounted for 33 per cent and agriculture just 3 per cent" (ESRI).
Ireland's economic transformation was achieved through the promotion of export-led and advanced technology business thorough an open economy. It has attractive packages to investors with its banking and finance growing significantly, together with tourism (iExplore).
Mr. John Hurley, Governor of the Central Bank and Financial Services Authority of Ireland noted that the current Irish economy is not comparable to what it has been 20 to 25 years ago, particularly in the area of standard of living, transforming from a relatively low standard of living to one with an average per capital income being above the entire EU Average (Hurley).
Over-all, it is the EU membership that can be safely assumed to have brought forth the change in Irish economy, transforming it from a mainly agricultural society into the "modern, technologically advanced Celtic Tiger economy" (European Union).
The remarkable economic growth that the country has achieved face an uphill at the start of 2007. "The pace of economic growth decelerated in the second half of 2007, largely due to a contraction in housing construction. In 2008 it is estimated that output fell for the first time since 1983, and the recession deepened in 2009" (ESRI). The graph below shows the GDP growth from 1997 to 2009. After 11 years of positive growth, with the highest posted in 1999 at near 12%, Ireland suffered a recession in 2008 and 2009. It posted a real GDP growth of around -2.5% in 2008 and around -7.1% in 2009.
Source: (ESRI)
The decline in GDP has been manifested in various economic aspects such as prices, production and employment.
Volatile Money Supply: Irish Inflation
Inflationary pressures has ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“The Irish Economy Essay Example | Topics and Well Written Essays - 2500 words”, n.d.)
The Irish Economy Essay Example | Topics and Well Written Essays - 2500 words. Retrieved from
(The Irish Economy Essay Example | Topics and Well Written Essays - 2500 Words)
The Irish Economy Essay Example | Topics and Well Written Essays - 2500 Words.
“The Irish Economy Essay Example | Topics and Well Written Essays - 2500 Words”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document


Irish economy

...?Economics Table of Contents Economics Table of Contents 2 Irish Economy at the verge of “Double-dip recession” 3 “During the second quarter of Irish gross domestic product fell by 1.2%” 3 “Keynesian style stimulus package” 4 References 8 Bibliography 8 Irish Economy at the verge of “Double-dip recession” A “double-dip recession” is that in which the concerned nation’s GDP growth rate could be represented as a W-shaped graph. This is normally the case when the concerned nation experiences a recession first, which is followed by a short lived period of recovery and lastly, a recession once again, so that there are in all two recessions that the...
5 Pages(1250 words)Essay

How successful have the Irish Government and the European Central Bank been in running the Irish economy over the last two years

...?How successful have the Irish Government and the European Central Bank been in running the Irish economy over the last two years? Instructor’s Name Course University Date of Submission How successful have the Irish Government and the European Central Bank been in running the Irish economy over the last two years? Ever country’s economic policy has a number of generic objectives like attaining economic growth, healthy levels of employment and inflation, increasing price stability and equilibrium on the balance of payments. To this end governments use tools of macro-economic policy, like fiscal, monetary and exchange rate policies (Palmer,...
3 Pages(750 words)Essay

Colony Irish and Irish famine as genocide

...? Ireland as the First Colony, Irish Famine as Genocide Insert Insert Grade Insert Insert Introduction Ireland was the first British colony. Even though Ireland had been dependent on Britain it officially became the British colony in the 17th century. After the country was being conquered, England sourced cheap raw materials and food from it. Ireland being famous for cattle rearing exported half a million head to England by 16601. In 1666 the British government passed a law that prohibited the export of cattle and its products to England. The people of Ireland substituted this with the export of Sheep which was also later prohibited. The British imperialists also destroyed the Ireland clothing industry. Export of products...
3 Pages(750 words)Essay

Irish revolution

...Irish Revolutionary Introduction Revolutions and change go hand in hand since revolutions result in changes in politics and the way of living in the society. Actually, changes are very important in the society and people cannot just resolve whether all conflicts result in positive changes unless a general analysis is done on the revolution. Therefore, revolutionary conflict may mean the emphasis of the condition of dual sovereignty. The occurrence of dual sovereignty means that an occurrence of revolution follows. On the other hand, it may become very difficult to establish the result of the conflict whether it brings about a positive or a negative change especially when the revolutionaries succeed and the challenging...
4 Pages(1000 words)Essay

Irish revolution

...Irish Revolution: Relationship between Revolutionary Conflict and Change ‘Revolution’ literally means a huge change in ideology and practice. Politically we can take it as a term used when a government is overthrown i.e. a complete sudden change of rulers and the political system of a nation. ‘Revolutionary conflict’ indirectly refers to the causes of a revolution. A revolution is a consequence of several major events leading to the ultimate result. Those consequences are a result of conflicts between two or more powerful groups. A clash of opinions and perspectives results into conflicts. ‘Revolutionary changes’ ultimately refer to the outcomes of a revolution i.e. the resulting reforms and alterations that progress...
5 Pages(1250 words)Essay

Irish Historiography

...Irish historiography, just as is Irish history, is an arena replete with debate, often contentious, regarding the validity of historical the objectivity of perspectives and the role that nationalistically-fuelled myths have played skewing the truth.' The stated is not intended as an argument for the invalidation of popular history but as a remark on that literary, cum mythological, treasure trove which Irish nationalistic history is comprised of and with which Irish historiography must contend. It is within these parameters that one need approach, understand and analyse Irish historiography as is the precise intention of this paper and as shall be done...
15 Pages(3750 words)Essay

Irish Law

...A) SOURCES OF IRISH LAW The main sources are primary, secondary legislators and case laws. i) Primary Legislations: - Acts of the Oireachtas Oireachtas - This is basically the parliament of the Republic of Ireland and it consists of two houses, the directly elected paid and indirectly elected seanad. Approximately forty Acts of the Oireachtas are passed every year. Which are available in print from government supplies agency, which is part of the office public works. ii) Secondary Legislation: - statutory instruments Most sub-ordinate legislation is made by government ministries under powers conferred on them by Acts. Approximately 500 pieces of sub- ordinate legislation are passed per year. iii) Courts and Case Law The...
4 Pages(1000 words)Essay

The Economy of Irish Republic

...How successful has the government of the Irish Republic been in running its economy over the last three years Describe and evaluate the main macro economic policies used by the Irish government over the last 3 years The successful trend of economic growth in Ireland is not just confined to the recent years but has been there for a few decades in terms of per capita growth and employment levels which has been well above the normal EU average figures that represent "Economic success" particularly over the last decade. (Christopher T. Whelan 2007).In 2004 alone the GDP stood at 138% (2004) which meant that it was the second highest in Europe. The monetary position of Ireland was...
8 Pages(2000 words)Essay

A) How successful has the government of the Irish Republic been in running it's economy over the last three years b) Describe and evaluate the main macro econo

...Economy of the Irish Republic Introduction: Irish economy has showed a tremendous growth in the recent years in terms of higher productivity, betterjobs and higher living standards. It has become one of the most globally favoured economies with effective external trade and investment system .Ireland has performed well when compared to other European Countries (EU) averages. Factors that underpin Irish economy: But during the past three years (2006 to 2008) period of rapid catch ups has ended and growth has slowed down. Labour productivity levels are high but comparatively low with previous years. Ireland remains a good...
8 Pages(2000 words)Essay

Instructional Maual on chidren with diabetes

4 Pages(1000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic The Irish Economy for FREE!

Contact Us