Loss Of Irish Economy Essay

1082 words - 4 pages

From the year 1987 to the year 2000, Ireland has experienced an incredible economic boom. It went through different phases, the Celtic tiger time for example, and was due to several reasons. The first factor that helped Ireland to develop itself, is that in 1987, the government decided to change its economy policy in order to stimulate the boom. They wanted certain stability, so they took some majors decisions like decreasing the government spending and cutting tax on wages for employers, this came with a demographic growth which could supply companies in labour force. It really contributed to increase the competitiveness for the employers. The government also encouraged foreign direct investments, especially in the new high-growth industries like services and industries. And in order to provide a well educated labour force to companies, the government invested in education and training, this was a key of economic success for Ireland, it attracted many foreign companies to come and set up their business. Ireland also received a lot of subsidies from the European Union, which were properly used by the government, these have helped to increase the productive capacity. Another factor that we could take in consideration is the fact that Ireland joined the Euro currency membership rules, which made the exportations 10% cheaper and participated to make Ireland more independent from the United Kingdom. All these factors really encouraged the economic boom in Ireland and made it really competitive compare to other European countries. Nonetheless, since 2000 Ireland is going through a loss of economic competitiveness, what are the reasons behind that? We could thing about many factors that had an impact on this situation.
Since 2000, despite the continuing strong headline performance, there are signs of deterioration in Ireland’s underlying competitiveness performance which could threaten our future growth prospects. Firstly Ireland became too expensive, and the inflation became higher, which means that the demand was higher than the supply. Between 2000 and 2009, Ireland has experienced a significant loss of international price competitiveness, reflecting a combination of higher price inflation in Ireland and an appreciation of the euro against the currencies of many of its trading partners. A range of non-pay costs for business were relatively high, particularly office and industrial rents, electricity, waste and professional services. Electricity is now 40% more expensive than before, sales tax are now around 21%. Pay costs have also been rising faster than in other EU-15 countries. The productivity was growing too slowly, so it was not possible to sustain the level of wage increases experienced in recent years, which brought a further loss of cost competitiveness. So Many foreign direct investments left Ireland due to this high cost of doing business. Furthermore, the entry of the eastern countries, like Romania, in the European Union did not help...

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