For the past 150 years , since the advent of the Great Famine, Ireland's major export was its people, who fled the country for their own survival and for a better future for their children. The continuing emigration threatened Ireland's economic and political independence. This pattern of heavy emigration persisted until the 1970s. Ireland has since transformed itself from a predominantly agricultural society to a high-tech, high-income society with more than 50% of its GDP in the service sector, 56% in 1998. [1] Agriculture now makes up a mere 5% of GDP, and industry comprises the remaining 39%. Since 1994, Ireland has experienced a stunning economic performance, growing at the rate of 9% to 10% annually, compared to the European average of 2.5%, making it the fastest -growing economy among OECD (Organization for Economic Cooperation and Development) countries . Table 6-1. Ireland GDP Growth Rate
The Irish government has been exemplary in its aggressive economic policies to attract foreign direct investment, which resulted in the miracle of the Irish economic success. The steps they took were:
While riding the economic peaks and valleys of boom times and recessions, the Irish people have greatly benefited from the government commitment to make Ireland the "Enterprise Isle" in Europe. Unemployment has dropped dramatically since its peak of almost 20% just a decade ago, and the migration flows have reversed . During a 12-month period in 19992000, the Central Statistics Office recorded 42,300 immigrants arriving in Ireland, the highest increase in population since 1881. Forty-three percent of those were returning Irish nationals. [2] To coordinate the efforts from various agencies and attain its economic goals, the Irish government has set up Forfs as The National Policy and Advisory Board for Enterprise, Trade, Science, Technology and Innovation. Forfs was given broad legal powers for industrial promotion and technology development. It, in turn , delegates powers to Enterprise Ireland for the promotion of home-based industry and foreign trade and to IDA Ireland for the promotion of inward investment. Its functions are to [3] :
|