In 2009, the Irish economy underwent one of the deepest recessions in the EU, with its economy shrinking by as much as 10%. Late in 2010, Ireland received an €85bn financial rescue package. Clearly, the winner of Ireland´s general elections held on Sunday (according to polls so far Fine Gael leader Enda Kenny) will have a lot on his shoulders. However, if the past is any indication, Ireland has the potential to resurge economically.
The country changed from a largely agricultural society in the early 70s into a modern, high-technology economy. By the final decade of the 20th century, Ireland had become one of Europe's economic success stories. Rapid entrepreneurial advancement helped the Irish make this turn. But “the Irish Miracle,” as it became known, was actually the product of purposeful reforms to create favourable conditions for entrepreneurs, including the privatization of state-owned companies, freer labor markets, lower tax rates and direct equity investment to encourage Irish people to set up their own businesses. The result: Ireland’s economy grew at a much faster pace than any continental counterpart over the next quarter century. By 2004, Ireland’s per capita income was only 10 percent below that of the United States.
To read the full, original article click on this link: Irelands Second Miracle - Entrepreneurship.org
Author: Jonathan Ortmans
