What draws us closer and apart from Ireland

What draws us closer and apart from Ireland

Ireland’s growth forecasts – 14.6% this year, according to the European Commission – have led to multiple theories and readings, from the economic “miracle” in the context of Covid-19 to the thesis that yields its gross domestic product (GDP) results. Only from the presence of a major group of multinational companies attracted by aggressive monetary policy in terms of attracting foreign investment.

Not an economist, I was still an appraiser of Enterprise Ireland, the state agency for business development in the 1990s, and I still have some experience in Irish politics, with a great deal of focus on innovation and innovative training.

This work by the Irish, which today separates them from countries such as Portugal, results in a number of things, with the European Commission citing GDP growth of 4.5% this year.

The tax benefits that Ireland offers to companies are certainly competitive. As the official language is English. But at present, in the absence of competitors offering more favorable conditions, these gains do not justify the stability of multinational companies in the country. They do not explain why Irish companies themselves thrive when others are suffering.

Ireland does not enjoy the privilege of resisting crises. In 2020, in the wake of the first major impact of the Kovid-19 pandemic, the fourth quarter unemployment rate ended close to 20%, however, it has already fallen to values ​​below the Portuguese figure. After Brexit, he suffered like everyone else. Moreover, a few days ago, the European Commission approved the allocation of 920.4 million euros to the country under the adjustment reserve to Brexit, as European Commissioner Eliza Ferrero accurately explained, “Within the EU, the people of Ireland are feeling the brunt of the British exit.”

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The country is showing strong resistance regardless of the circumstances. It is the result of an entire ecosystem that has focused on innovations that have been carefully designed and consistently applied since at least the sovereign debt crisis at the turn of the century.

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