Its economy is thriving, and not thanks to a lucky clover. Last year’s growth of nearly seven percent surpassed even the USA, and is on par with China. Or at least that of the official Chinese authorities. As CNN reports, Ireland has been the most successful economy in the Eurozone for two consecutive years and is expected to hold that title for the foreseeable future.
The road to this accolade has not been easy – just a few years ago, economic analysts labeled Ireland, along with Spain and Portugal, as the new Greece. After the collapse of Anglo-Irish Bank, infamous for a recording in which directors mocked clients, the entire sector found itself on shaky ground.
At that time, the Irish deficit exceeded 30 percent of GDP, and the government decided to bail out the banks with its own funds, thus falling into trouble itself. Although recovery began quickly with loans and international oversight, it was achieved through the write-off of bad loans and the swift implementation of reforms. The government cut costs and prioritized – exports.
That Irish products are number one in Ireland is evident in the eyes of tourists who cannot miss the Butlers chocolate shops or the Carrolls souvenir shops where Irish brands Guinness, Jameson, Shamrock, Leprechaun, Aran Knitwear, and the aforementioned chocolates are gathered under one tourist roof.
