Impact of Religion on Ireland's Economy, the Last 20-30 Years -The Celtic Tiger

Impact Of Religion

On Ireland's Economy

The Last 20-30 Years

The "Celtic Tiger"

Table of Contents

1. Ireland & Its Economy вЂ" “The Celtic Tiger” 2

2. International/Trade Relationships 3

3. Political & Legal Factors 4

4. Market Segmentation Issues 5

5. Income Level Issues 5

6. Currency Issues 6

7. Pricing 7

8. Distribution 7

9. Promotion 8

10. Overall Assessment of Ireland 8

References 10

1. Ireland & Its Economy the “Celtic Tiger”

The term "Celtic Tiger" has been used to refer to Ireland, and to the years associated with the boom of Ireland’s financial market. The "Celtic Tiger" is analogous to the "East Asian Tigers"вЂ"the tigers of South Korea, Singapore, Hong Kong, and Taiwan during their periods of rapid tiger growth in the 1980s and 1990s. The Celtic Tiger period has also been called the "The Boom" or "Ireland's Economic Miracle". Variants of the phrase have been used to refer to continued economic growth in Ireland.

With a population just less than 6 million Ireland isn’t big in size, but in the past 5 years it has quickly placed itself on the global radar in a huge way. It was only a few decades back that Ireland was considered one of Europe’s poorest countries and not even a thought in economists or investors minds. From 1990-2002 Ireland went through a rapid economic growth which laid the foundation for the country’s new economic facade. Many credit this dramatic turnaround on low corporate taxation, some say it was the higher education the country provided through its skilled workforce, others say it was just the luck of the Irish. However, what is agreed upon is that Ireland’s economic boom was extraordinary and unexpected. Its dramatic turnaround and new attractiveness to the European Union and World had economists dubbing the new look Ireland.

The past 20-30 years were a great time for the Irish economy as new reforms & deregulation came to fruition. Ireland's economy had been growing rapidly for the past decade thanks to European Union directives that favor EU nations with small economies. The economy of Ireland has transformed in recent years from an agricultural focus to one dependent on trade. These new sectors were supported by an untapped skilled workforce and tax benefits which benefited businesses. In fact, these emerging sectors saw the Irish Gross Domestic Product or GDP accomplish double digit growth for the years 1999 and 2000. Then in 2003, the economy slowed down, the Celtic Tiger was tamed but Ireland still remains stronger than other EU member states.

2. International/Trade Relationships

Ireland’s new look and new economy has developed itself into a strong international trade partner. To date, the top three export partners include the U.S.A., United Kingdom and Belgium and its three main import partners are the United-Kingdom, the U.S.A. and Germany. On the export side Ireland mainly sends organic chemicals, electronic & telecommunication equipment and pharmaceutical products. Exports play a fundamental role in the state's robust growth, but the economy also benefits from the accompanying rise in consumer spending, construction, and business investment. It’s worth noting that Ireland’s tech boom doesn’t goes without notice as the country is the largest exporter of software-related goods and services in the world.

4. Political & Legal Factors

For many, the first thing that comes to mind when you think of politics in Ireland is the Northern Ireland debacle which has recently come to a resolution. In fact, Ireland's political environment has played a major role in shaping and molding its new economy thanks to its pro-business political culture. This can be attributed to well build and run regulation, service, and fiscal environment that few countries can match. For Irish politics, networking is a way of life, and information between people and entities flows freely. It may seem hard to believe in any political arena but politicians and civil servants work together to get things done.

The Industrial Development Agency or IDA in Ireland goes to great lengths to make sure the needs of all new foreign companies locating to Ireland are met, even if it means interceding with local or national authorities. These efforts are in support of its pro-business attitude and businesses are loosely regulated. There are few, if any, signs of corruption and there is relatively minimal political or personal risk. Regulation and laws changes, such as the deregulation of the telecommunications market and the E-commerce Act (July 2000) giving validity to electronic signatures and contracts, serve to improve the growth and development of the cluster.

5. Market Segmentation Issues

The new look, new economy Ireland offers many challenges and opportunities for market segmentation though it is not tough to penetrate. The only challenges come as the country has almost split in two with the traditional segment and the new emerging segment though the latter is spilling into the old country. As it is present in mature markets, there are plenty who prefer to stick to the basic nostalgic needs while the other half is pining for what is new and next. If you really want to get into hearts and minds of both segments at once, it is wise to work in and around the country’s three basic loves: sports (Gaelic football, soccer, and rugby), music and beer. Though with careful targeting and product or service positioning it shouldn’t be anymore difficult than marketing from Lincoln, NE to New York, NY here in the USA.

6. Income Level Issues

Like many Western democracies wealth is partially redistributed among the poorer segments of society through the progressive tax system. Income levels remain consistent throughout Ireland but wealth is higher in and around Dublin as