Economic Research Uk & Ireland Essay

1899 words - 8 pages

Economic Research: UK & Ireland1. Global Context of IrelandIreland is a beautiful country located in Western Europe, with a history of more than 5000 years. It used to be a British colonial and became an independent country called "Republic of Ireland" in 1922. Northern Ireland is still ruled by United Kingdom nowadays. From 3000 BC European immigrants from the mainland Europe began to settle in the island of Ireland. After 4000 years' development, Ireland entered the era of feudal society in 12th century and was invaded by British army in 1169. After two years' warfare, King Henry II established the sovereignty in Ireland. From that time, people of Ireland gradually forfeited the ...view middle of the document...

It was the world's first industrialized country. No one would deny that UK was the strongest country from early 19th century to early 20th country, both political and economic. As the sixth-largest economy in the world, UK has a well developed economic model that mainly concentrates on banking, financing, shipping, aerospace industry, manufacturing industry like automotive industry and so on. To some large extent, UK economy has taken advantage of the Industrial Revolution which started from the focus of textile industry, following by some heavy industries such as mining and steelmaking. UK set up a solid industrial foundation and gradually dominated the world market in 1800s.However, as some other countries finished industrialization, UK was beginning to lose the dominant position in world economy in 20th century. Catering to the tide of modern technology, UK's old manufacturing industry declined a lot, but still played a significant part in UK economy. From middle of 20th century, United States along with several other European countries began to rise sharply and set up their own competitive advantage in variety of fields. UK's GDP fell behind Germany and France, and ranked the third in Europe for the first time in 2008. Due to the wide spread world financial crisis, UK is suffering from a large recession, especially in banking and financing industry. Unlike Ireland which mainly depends on attracting foreign investment, UK has developed more domestic business. Thus UK might have more stable foundations to relieve the recession pain.3. Opportunities and ChallengesFor investors, challenges outweigh opportunities in UK and Ireland. Investment risks have gone up a lot. Investors needs to think twice before decide to conduct business in this area.Investors can hardly get profits from the market. On one hand, banks and governments are enduring shortage of money, interest rate is extremely low, not to mention the high risk of the national bonds issued by governments. On the other hand, unemployment has become worse; consumer demand tends to be very low.Government policies are not so friendly to companies. Irish government is cutting budgets, which means less money will be used in improving infrastructure. Due to short of money, Irish government has increased tax rates to obtain more funds from people. High tax rates mean higher additional cost for companies.UK and Irish government must try their best to get rid of this predicament in order to provide more opportunities for business.4. Financial ConditionBefore the outbreak of the global financial crisis in 2008, Ireland's economy continued to grow with a rate ranging from 5% to 11%. Its booming economy mostly relied on real estate and financial services. But when this property bubble burst, large banks were all at the verge of bankrupt. Though UK has not adopted Euro currency, but it has close connection with other European countries that have been affected by debt crisis. Affected by the European...

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