Irelands Economy essays

Ireland's Economy essays The Republic of Ireland has experienced a tremendous amount of growth in its recent history. However, this was not always the case. During the 1980s, Ireland was one of Europes poorest countries. With its government out of control, the public debt was 120% of its national income. Even at the beginning of the 1990s, the unemployment rate was at 15%, the worst in all of the European Union. However, over the past decade, Ireland underwent a drastic change and currently holds place as one of the most well organized nations in Europe. According to statistics, over the past three years, Irelands economy has grown at an average rate of more than 7% per year and has reached 11% in the year 20000. Once a country that identified itself as a victim of Britain, Ireland is now a country that is recognized as an equal amongst European countries. Unemployment has also dropped a significant amount and the economy has moved to full employment. The skyrocketing public debt has also decreased to an astonishing 336.5% and stands as one of the lowest in the European Union. Productivity is defined as an increase in output per hour that raises the standard of living. There are four key factors that lead to an increase in productivity. These factors include education and the quality of the labor force, savings and investments, reallocation of resources, and finally, technological changes. In addition, according to Irelands Prime Minister Bertie Ahern, the countrys astonishing economic growth can be attributed to their efforts in peace, education, partnership, regional integration, and foreign direct investments. Although Irelands progress may differ slightly from those laid out in these four factors, the foundation still remains and aids in the explanation of its sudden growth. Irelands increased funding for education, combined with the use of information and new communications technologies...