Ireland is a small, modern, trade-dependent economy. Economic activity dropped sharply in 2008 and Ireland entered into a recession for the first time in more than a decade with the onset of the world financial crisis and subsequent severe slowdown in the property and construction markets. Agriculture, once the most important sector, is now dwarfed by industry and services. Although the export sector, dominated by foreign multinationals, remains a key component of Ireland's economy, construction most recently fueled economic growth along with strong consumer spending and business investment. Property prices rose more rapidly in Ireland in the decade up to 2006 than in any other developed world economy. The Irish Government has implemented a series of national economic programs designed to curb price and wage inflation, invest in infrastructure, increase labor force skills, and promote foreign investment.
Current Industries: steel, lead, zinc, silver, aluminum, barite, and gypsum mining processing; food products, brewing, textiles, clothing; chemicals, pharmaceuticals; machinery, rail transportation equipment; glass and crystal; software, tourism
Do you think that the programs the government implemented will help curb price, wage inflation, etc?
ReplyDeleteI do think that the governments programs will help with Irelands economic situation. These are the kinds of things that have been used in the US before when we were having times of economic hardship, and it has proved to be quite successful for us in the past. So by looking at other countries who have tried different things to stimulate the economy and curb inflation, I am optomistic that Ireland will come out on top.
ReplyDeleteNot only Ireland, but pretty much the whole world has experienced economic slowdown.
ReplyDeleteI think you're right Graziele. I'm not surprized that Ireland is in an economic slump; what part of the world isn't right now.
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