Celtic Tiger

 
 

Why The celtic tiger?











The Irish economy was named the Celtic Tiger, because the tiger was a reference to strong economies in Asia; while the celtic part comes from Ireland being a celtic nation. The Celtic Tiger was used as a symbol to describe the booming economy of Ireland specifically during the time period between 1997 and 2007.  (9)





Irish heritage Stats

People living in the Republic of Ireland: 3.5 million people (4).


People of Irish decent living elsewhere in the world: 70 million people (4).




 
 

    The Irish economy in the 1980’s through the 1990’s was steadily increasing, to become one of the world’s most rapidly growing.(3)  During this time of economic boom people from around the world began to move back to their ancestral roots in Ireland for employment.  As unemployment went down from 20% in the late 1980’s to 4% in 2007. (4) 

 

    The Irish economy was at its peak during the period between 1997-2007; and was thus named the “Celtic Tiger.”  Ireland moved from being one of the poorest countries in Europe to   one of the richest in only a matter of years. (5)


    One of the main reasons Irelands’ economy grew so much was due to job creation.  Having low tax rates, specifically in the corporate world, helped to attract many investors to Ireland. (5)  Ireland also began to offer free higher education to EU citizens. (2)  Which thus created many new job opportunities.



    In only of span of fifteen years (1990-2005) the employment rate in Ireland went from 1.1 million to 1.9 million. (5)  Irelands’ trading market began to expanded internationally; which attracted many people to Ireland for work.

  

     With more jobs and a growing economy, many Irish began to turn to development.  After Ireland experience a wave of emigration, developers went so far as to began to build houses for what they hoped a second wave of immigrants to Ireland would buy. (9)  In order to pay for these houses, developers used loans from Irish banks.  Lending from banks for development rose from 5.5 billion euros in 1999; to 96.2 billion euros in 2007. (9) Developers, Irish banks, and the Irish government alike saw this as a huge opportunity for expanding the celtic tiger.   At the end of 2006, instead of worrying about the amounting debt, Prime Minister Bertie Ahern stated, “The boom is getting boomier.” (9)


The Celtic Tiger