Hello, I’m a foreigner from Istanbul, Turkey. I’m interested about how Irish economy grew up really fast and I wanted to ask the Irish people directly instead of asking Google. So… What’s your secret? What happened in the last few years to make your economy boom?

19 comments

  2. Brexit, loads of multi-Nationals are relocating from the UK or increasing their footprint here so they can continue to trade across Europe

  3. Opened up the economy to trade, invested in education and infrastructure, joined the EU, invested even more in infrastructure and education, have a relatively rational monetary policy, lowered corporation tax to incentivize companies to set up operations here.

    Decades of effort basically.

  4. If I had to choose 3 things:
    1. A low corporate tax rate allowing us to build up our capital base from essentially nothing.
    2. EU membership.
    3. A well educated workforce.

  8. GDP is misleading for us because of Multinationals with HQ’s here. But yeah we do have a completely different economy/standard of living compared to the early 90’s. We have a pretty strong ICT sector now and because we’re English speaking we’re the hub for a lot of EMEA type operations

  10. Heavy investment in third level education, a business-friendly environment, EU membership, English speaking and political stability.

  12. A highly educated English speaking workforce

    Very little industrial unrest

    Excellent flight connectivity to the US and Europe. Pre pandemic the Dublin London connection was one of the busiest in the world.

    Two world class airlines – Aer Lingus which is part of IAG and Ryanair

    The IDA

    And though some critics will say GNP or GDP is exaggerated the fact is Ireland is a massive global player not just in tech but in a host of industries.

    Ireland is one of the few locations in the world where Intel has Fabs. Intel Ireland produces more chips than AMD. And that means Ireland has the support network for building, maintaining and staffing clean rooms.

    Ireland is a massive player in global aviation with two global airlines and massive aircraft leasing companies

    Ireland is a massive financial services centre that picked up a lot of business from Brexit

    Pharma and bio tech is another massive sector

    Food ingredients is another huge business with Irish companies like Kerry, Glanbia and Carbery being big global players.

  14. Aside from what others mentioned… We are predominately a knowledge based economy. While covid halted many industries around the world it allowed us grow and thrive economically. In 2021 alone our economy grew by ~€30B.

  15. Id would say being a member of the EU, a highly educated population/workforce and the success of the IDA in attracting foreign investment are arguably the three most important factors for the performance of the Irish economy

  16. Previous Irish government’s adopted an industrial policy that targeted the very lucrative industries, i.e. Pharmaceuticals, Biotech, ICT, medical devices, Aircraft Parts, Chemicals… the high value of these goods makes our GDP look very good

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