Republic of Irelands economy over the past three years Essay

Republic of Irelands economy over the past three geezerhood - Essay ExampleHowever, this economic boom started slowing imbibe in 2001, two years later it resumed and then in 2006 it slowed down again. Efforts in this essay will be directed towards the post Celtic tiger years. (OKane, 2007) amidst the years 2005 and 2006, the government was successful in maintaining economic growth. However, after 2006 to 2008, there was a reduction in the economy and there are numerous factors that caused these increase and reduction. Between 2005 and 2006, the economy hade resurgence because the government dealt with some of the problems the country had encountered before and this was aided by some external factors. At that time, (2005-2006), the rate of economic growth in Ireland was over four percent while other countries such as France, Germany and Italy in the European Union had economic growth rates of between atomic number 53 percent and three percent. Ireland had been struggling with Foot and Mouth Disease at a certain point but this was dealt with accordingly and by 2005 and 2006, the problem had been eradicated frankincense boosting sales in the primary sector. (Clinch et al, 2008)Another factor that contributed to this economic growth in the first year under analysis could be because of increases in place values. Consequently, there was greater employment in the construction sector. But other external factors also contributed to the high economic growth rate. ... It also produces Apple, IBM, and HP makes. whence technology is a crucial factor in Irelands economy. Ireland was a strong economic partner to the United States therefore any factors affecting its partnmers were likely to separate out down to the country. Four years ago, the US had experienced the September eleven attacks, but by 2005, this had reversed and led to US economic recovery.The government also boost further investments in industry, science and technology between 2005 and 2006. This was see n by the numerous international firms that have set up branches in Ireland. One such connection is Google others are Intel, Abbott Laboratories and Bell Labs. In line with these developments, the Ireland government decide to establish a body known as Science Foundation Ireland which was formed to instigate science bodies in the Republic. The government had created an SSIA savings scheme and funds had matured. Consumers had been cushioned in their expenditure and this boosted growth in the retail sector. (CIA, 2006)But in the years 2006 and 2008, there has been resurgence in economic growth. This could be as a result of a recession in property values. Because of availability of labour and maturation demand for homes after the Celtic Tiger years, the Republic started building homes aggressively. By 2006, homes had reached 90, 000 which is almost half of what the UK has yet the ratio of populations between the UK and Ireland is 151. This means that by 2007 and 2008, there were exces s homes compared to the demand. Rent declined and there was less income coming from that sector. Another factor that led to this decrease in economic growth was the expansion of the European Union. During 2007, Romania and Bulgaria entered