Irish History and Economy Essay

2398 Words 10 Pages
The “New Ireland” emerged in the 1990s’ when the country experienced an economic-cultural boom in which it was transformed from one of Europe's poorer countries into one of its wealthiest.
In the 1990s the socioeconomic prosperity that spread across the country found its origins in the evolution from a subsistence economy to a market economy. It was at the end of the 1950s when the Irish economy moved its first steps in condition of normal political stability and, new polices and plans were introduced and implemented to transform an Ireland that based her economy on rural and agriculture industries, to a country able to create high standard of living, consumer goods, and
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The main industries targeted were: Health care, pharmaceuticals and chemicals; Electronics and engineering; Financial services and telemarketing; Software, data-processing and international services; in addition to that the Irish government provided an export subsidy policy so that Ireland developed itself into a strong international trade country establishing as the largest exporter of software-related goods and services in the world along with organic chemicals, electronic & telecommunication equipment and pharmaceutical products.
Export played a fundamental role in the state's robust growth, but the economy also benefited from the accompanying rise in consumer spending, construction, and business investment.
In 2003 overseas companies accounted for 51% of Ireland’s exports & generated more than €14 Billion of expenditure in the economy, directly employing nearly 140 000 people.
The increasing of FDI (foreign direct investment), ensured the diversification of Irish exports into European markets, reducing the dependence on Britain so that a greater volume of exports went to European Community countries rather…