Wednesday, March 4, 2009

Ireland's economic problems

This article touches on economic problems facing Ireland . Ireland, Spain and some of the Eastern European countries had an economic boom that put Britain's in the shade in the pre-2008 decade. On some measures, Ireland overtook the UK in terms of GDP per head.

However, the boom seems to have come to an abrupt halt. The halt of the boom as also made people notice dodgy behaviour from bankers, businessmen and politicians that they didn't notice - or turned a blind eye to - before. The level of embezzlement and other chicanery may not be higher in a recession than in good times - but people notice it more.

The one thing I would say, though, is that Ireland's construction boom has meant that at least they have something to show for the boom - newer and improved housing stock. This is not the case for the UK. Our reliance on financial services means that the money gained and the progress made is more 'intangible'. Our housing stock has not grown as much as Ireland's proportionately. As such, we have less to show, tangibly, for our 1993-2008 boom.

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