The Celtic Tiger
From Dickinson College Wiki
Positive Economic Effects
- Unemployment rate dropped significantly
- Fell from 18% in lat 1980's to 4.2% in 2005
- Average industrial wage grew at one of the highest rates in Europe
- Public Debt
- Dramatically cut to become one of the lowest in Europe (34% GDP in 2001)
- Public spending doubled without any significant increase in taxation levels
- Modern Ireland
- Dual Labor Market
- Increased the number of highly skilled workers
- Vast amount of well paid jobs
Negative Economic Effects
- Inflation of prices
- groceries and chain store prices increased
- housing property increased
- Neglect of certain government responsibilities
- health care service did not receive sufficient fund
- at first transportation sector was not reformed
- transportation system was insufficient
- road ways could not support all the commuters
- Loss of culture among those with high paying jobs
- Irish people had more money to spend and grew out of old Irish ways
- There were more expensive cars and designer labels around Ireland
- Capitalist Economy Expansion
- Some desperate workers had to take the low paying jobs that attracted foreign companies to Ireland
- Unskilled jobs
- Low wages
- No job security
- Poverty levels increased
- The gap between the rich and the poor grew significantly
- Inflation of prices
- Some desperate workers had to take the low paying jobs that attracted foreign companies to Ireland