Famous for the green happy leprechaun, Ireland is also known to be the better country to live in. Or it was until recently, because the worldwide economic crisis has seriously affected Ireland as well. Until recent days, Ireland's economy was an agricultural one, but during the late 19th century, more precisely around the 1970s, it became a modern one. The changed were overwhelming. From then on, high-tech industries, trade and investments were the main sources for the national income. The number oh inhabitants increased as well and people would have a stable job. Of the economic sectors, the private one came in the front lights. Reason why we should believe the studies showing that Irish quality of life was the best.
This transformation took place in 1987, when the economic growth was becoming visible and people could enjoy it. The whole sector of economy blossomed, from constructions to business investments. A new government policy, called Social Partnership, stipulated that employers and trade unions could make pacts with the government. It was due to this blossoming period that, comparing it to the "tiger economies" in Asia, Ireland began to known as the "Celtic tiger". Ireland knew how to maintain this harmonious economic situation, and it was all linked to the low corporate taxes and interest rates. Population was extremely satisfied, them being those who decided on the quality of life.
2008 was a terrible year for the Irish people, the year when they started experiencing the economic crisis. Ireland was also the first country to enter the recession, but signs of it became obvious once with the higher rates of unemployment and levels of prices, mostly in Dublin. Because of that, inflation rose as well and the situation was sore. The property market collapsed, as demand was lower and lower. And what happens when the offer stagnates?
Inflation too is one of the key causes of the crisis. It affected the property market in the way that property offer and prices stagnated, but demand dropped. And the collapse of property market that followed led to the insolvency of numerous banks. After seeing the ample effects the crisis was about to take, the national bank intended to protect the smaller banks with back-up measures, which began to show results in 2010.
For in 2010, around the end of the year, the recovery plan helped Ireland recuperate the losses. The state was wise and through its laws and measures it managed to make of Ireland a possible candidate for one of the richest countries. But this should be an example for all countries experiencing periods of economic unrest and for common people as well. Investing money is an important financial decision and the object of the investment should be well chosen. Among the preferences of many investors is gold, for it is safe and stable, especially when inflation is concerned.
This transformation took place in 1987, when the economic growth was becoming visible and people could enjoy it. The whole sector of economy blossomed, from constructions to business investments. A new government policy, called Social Partnership, stipulated that employers and trade unions could make pacts with the government. It was due to this blossoming period that, comparing it to the "tiger economies" in Asia, Ireland began to known as the "Celtic tiger". Ireland knew how to maintain this harmonious economic situation, and it was all linked to the low corporate taxes and interest rates. Population was extremely satisfied, them being those who decided on the quality of life.
2008 was a terrible year for the Irish people, the year when they started experiencing the economic crisis. Ireland was also the first country to enter the recession, but signs of it became obvious once with the higher rates of unemployment and levels of prices, mostly in Dublin. Because of that, inflation rose as well and the situation was sore. The property market collapsed, as demand was lower and lower. And what happens when the offer stagnates?
Inflation too is one of the key causes of the crisis. It affected the property market in the way that property offer and prices stagnated, but demand dropped. And the collapse of property market that followed led to the insolvency of numerous banks. After seeing the ample effects the crisis was about to take, the national bank intended to protect the smaller banks with back-up measures, which began to show results in 2010.
For in 2010, around the end of the year, the recovery plan helped Ireland recuperate the losses. The state was wise and through its laws and measures it managed to make of Ireland a possible candidate for one of the richest countries. But this should be an example for all countries experiencing periods of economic unrest and for common people as well. Investing money is an important financial decision and the object of the investment should be well chosen. Among the preferences of many investors is gold, for it is safe and stable, especially when inflation is concerned.
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