Eco case study - Anu Mathews Case Study: Ireland Mr Milazzo...

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Anu Mathews Case Study: Ireland Mr Milazzo The globalisation era has seen different conditions emerge across the globe. The European region is one of the powerhouse economies of the world. Globalisation has fostered improved economic outcomes as well as creating downsides to greater economic integration which is evident in the case of Ireland . Globalisation refers to the integration between different countries and economies and the increased impact of international influences on all aspects of life and economic activity. This phenomenon has heavily influenced Ireland’s economic growth and development, income and quality of life, the distribution of income and wealth, trade and investment and environmental sustainability. It is also important to note the effectiveness of the Irish Governments strategies and policies to promote economic growth and development. Ireland is a small, modern, trade-dependent advanced economy joining 11 other European Union (EU) countries in circulating the Euro in 2002. Agriculture, once the most important sector is now dwarfed by industry and services, as the latest trend seem to be towards a knowledge-based economy that focuses on services, trade and the high tech industry. Ireland has developed into an economic powerhouse on the back of globalisation often referred to as the ‘The Celtic Tiger’ growing at a consistent rate of 6% during 1995-2007. However, the Global Financial Crisis (GFC) along with issues in government has had a negative effect on the growth rate, leading to a severe constriction in the economy. Economic growth refers to a sustained growth in a country’s productive capacity over time measured in Gross Domestic Product (GDP). Beginning in the early 1990’s, unprecedented economic growth saw the level of Irish real GDP double in size over the course of a little more than a decade with an average GDP growth of 9.7% between 1995 and 1999 which continued strongly between 2000 and 2004 at 6.2%, according to the World Bank. This was heavily attributed to increased integration of the Irish economy including EU membership (1973) with access to the Single Market, a large multinational presence due to a low corporate tax scheme along with a global technology boom which encouraged investment. The Irish government has been open to free trade by removing protectionist policies resulting in a stark increase of exports, which has contributed significantly to the national income and increased their international competitiveness. Due to the rapid growth of businesses and multinationals a reversal of the trend of emigration toward immigration is evident creating thousands of jobs which saw unemployment decline from 15.9 percent in 1993 to a historic low of 3.6 percent in 2001( ).
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Anu Mathews Case Study: Ireland Mr Milazzo However the pace of economic growth decelerated dramatically in the second half of 2007 with the Global Financial Crisis (GFC) impacting heavily upon
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This note was uploaded on 03/12/2012 for the course ECON 1512 taught by Professor James during the Spring '99 term at Alvernia University.

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Eco case study - Anu Mathews Case Study: Ireland Mr Milazzo...

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