Celtic Tiger
The Celtic Tiger was a period of rapid economic growth in the Republic of Ireland, beginning in the 1990s and ending around the 2008 financial crisis.
Foreign direct investment in Ireland: Cross-border investment that gives a company or investor a lasting ownership stake in an Irish enterprise. Multinational investment brought capital, exports, and employment to Ireland during the boom.
Economic Development Act 1958: Irish legislation that enabled state support for industrial development and export-oriented manufacturing. It marked an early break from protectionism and helped establish the outward-looking policy tradition behind later growth.
Great Recession in Ireland: The prolonged Irish economic downturn triggered by the collapse of the property market and banking system. The 2008 crisis ended the boom and turned its credit excesses into a sovereign and banking emergency.
Asian Tiger: A name for the fast-growing East Asian economies of Hong Kong, Singapore, South Korea, and Taiwan. Ireland borrowed the tiger metaphor, but its growth relied more heavily on multinational investment and European integration.
Irish corporation tax: The tax levied by Ireland on company profits, including profits earned by multinational firms. A low headline rate helped attract multinationals, though tax policy was only one part of the growth story.
Whitaker Report: A 1958 Irish government report proposing economic planning, industrial expansion, and greater openness to foreign investment. Its recommendations helped shape the policy shift that preceded the Celtic Tiger by decades.
Irish bank guarantee: The Irish government’s 2008 commitment to guarantee liabilities at six domestic financial institutions. It shifted major banking risks onto the state after the property market collapsed.
Dutch disease: A decline in other tradable sectors that can follow a boom in one source of income or exports. Ireland’s property surge raised questions about whether booming construction diverted resources from sustainable tradable activity.
European Union structural funds: EU funding intended to reduce regional economic disparities and support development. EU transfers financed infrastructure and training as Ireland prepared for faster growth.
Education in Ireland: The institutions, policies, and practices through which people in Ireland receive formal education. Expanded access to education supplied a more skilled workforce as high-tech employers arrived.