The Dark Side of Ireland’s Economic Miracle
Ireland is popularly called the Emerald Isle. Land of green hills and ancient castles. In recent years, this island nation has undergone a different kind of transformation which is fondly referred to as the Celtic Tiger Boom.
Yet, beneath this economic rise, where Ireland is now among the wealthiest countries in Europe on its GDP, a very different narrative is humming. Housing prices are skyrocketing due to limited construction. The growing demand for various alternative housing options further increases rent, and wages can’t keep up with the rising costs, leading to financial pressure and overpopulation. Healthcare access grew ever-longer as patients face delays due to overcrowding and staff shortages.
This is the dark side of Ireland’s economic success.
#ireland #economy #darkside
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Sources:
https://www.semanticscholar.org/paper/Taxation-and-foreign-direct-investment-in-Ireland Walsh/453d957356d0ca9f7fece26e9dda64c34da61420
http://www.irisheconomy.ie/index.php/page/16/
https://t.co/57vryjm8la
https://www.statista.com/statistics/1415974/change-in-residential-rent-ireland-by-county/
https://www.thejournal.ie/average-rent-new-tenancies-ireland-rising-6157172-Aug2023/:~:text=The%20standardised%20average%20rent%20in%20new%20tenancies%20for%20apartments%20stood,1,187%20per%20month%20outside%20Dublin
https://www.jobted.ie/salary
https://www.irishexaminer.com/news/arid-41268259.html
https://www.thejournal.ie/people-emigrating-ireland-2023-6178018-Sep2023/
B&A Research Shows Healthcare System is Failing Irish People
B&A Research Shows Healthcare System is Failing Irish People
B&A Research Shows Healthcare System is Failing Irish People
https://www.reuters.com/world/europe/irish-town-says-enough-is-enough-hotels-fill-with-asylum-seekers-2023-12-14/
https://x.com/rmxnews/status/1742907086730612994?s=46
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0:00 – Intro
0:56 – The history of Ireland
1:45 – Celtic Tiger Boom
2:56 – The Dark side of Ireland’s Economic Success
9:18 – Outro
Ireland is popularly called the Emerald Isle. Land of green hills and ancient castles. In recent years, this island nation has undergone a different kind of transformation which is fondly referred to as the Celtic Tiger Boom. The Celtic Tiger is a popular expression for a rapid
Economic prosperity surge. Yet, beneath this economic rise, where Ireland is now among the wealthiest countries in Europe on its GDP, a very different narrative is humming. Housing prices are skyrocketing due to limited construction. The growing demand for various alternative
Housing options further increases rent, and wages can’t keep up with the rising costs, leading to financial pressure and overpopulation. Healthcare access grew ever-longer as patients face delays due to overcrowding and staff shortages. How did we end up with these issues? This is the
Dark side of Ireland’s economic success. Let’s go back in time to answer how Ireland got here. Prior to the Celtic Tiger’s economic boom, Ireland had endured a prolonged period of hardship. The legacy of decades marked by high unemployment, stagnant wages, and limited prospects continued to resonate
Across the nation. In the early 1980s, Ireland’s Unemployment rate peaked at almost 20%. Many young people, fueled by a lack of prospects, crossed the Irish Sea in droves, seeking a future either back in England or elsewhere. Basic necessities felt like luxuries, and dreams seemed out of reach,
As the streets were echoing with the sadness of farewells. The scars of emigration ran deep. This did not help the Irish economy! In the late 1980s, Ireland was one of the poorest Western European countries. Then, in the late 1990s, things began to change across the Emerald Isle.
A new tide was rising, promising transformation. This was the birth of the Celtic Tiger. Ireland made some changes to their economic policies that saw them implement low corporate taxes which in turn attracted many global giants like Google, Microsoft, Apple. They all flocked to
The fertile ground of Ireland, their investments into the country bringing in jobs, innovation, and prosperity. The numbers also could tell of this economic boom as foreign investment tripled, exports boomed, and the GDP ballooned. Irish infrastructure investment doubled in the decade, the envy of neighboring nations. But infrastructure wasn’t the only beneficiary
Of the boom. Living standards soared like eagles. Families embraced leisure activities, Education blossomed with refurbished schools and expanded programs. The Emerald Isle, once a footnote in global conversations, found itself front and center. With different International magazines carrying the news of Ireland’s transformation. Yet, amidst the celebrations, two questions
Lingered: At what cost did progress come? How can we ensure that everyone shares in the bounty of a booming economy? For example taking a look at the current housing crisis facing Ireland that has strangled dreams and shattered lives. Statistics as at late November 2023, showed that. The reality
Is that more than 13,000 individuals – including nearly 4,000 children – find themselves trapped in the homelessness crisis. For years, Ireland has been experiencing issues in the housing market. Soaring rents, stagnant wages, and a lack of affordable housing have squeezed families,
Pushed them to the brink, and ultimately forced them into emergency accommodation like hotels, B&Bs and shelters. And the worst part? These numbers don’t capture the full scope of the crisis. Rough sleepers, women in refuges, asylum seekers – their struggles remain invisible,
Adding to the unseen depths of this tragedy. From the chart, we can see that the average rental prices have skyrocketed. Let’s take a quick run into the numbers to understand the harsh reality of housing costs: Starting with Monthly Rent: Average Dublin apartment: €1,800 – €2,500. Average
Nationwide apartment: €1,400 – €1,900. Then moving on to Average Wages. The percentage of income spent on rent, where the average price to rent in Dublin is €2,150, is a staggering 43% – 52% of the average salary. A rural apartment, with an average rental price of €1,650, is even 39% – 66%
Of the average salary. These figures above imply that in a city like Dublin, the average renter dedicates nearly half their income to securing a basic apartment. Even outside the capital, renting can consume a significant chunk, leaving less for food, bills, and saving. We also experienced a
Huge rise in rents this year, which jumped 8% in a year, reaching staggering averages of at least €1,825/month to €2,354 in Dublin. Over 128,000 households in Dublin alone experience rent stress. Regional cities like Cork, Limerick, and Galway also saw hikes of 10-16%. Rural areas weren’t
Spared, with rents reaching €2,500+ despite limited options and lower wages. This crisis stems from inadequate policy shifts, corporate greed and a flawed economic system that fosters inequality. Because from these reports, the housing inequality is really affecting people across the city of
Ireland. Let’s take a quick look at the statistics from the central statistics office. (CSO), we saw over 64,000 people emigrate from Ireland in the year to April, one of the highest rates in recent years. The last 12 months before this one saw 56,100 emigrate out of Ireland. Of
This 64,000 people, 30,500 were Irish citizens. This further confirms to us that Ireland’s economic prosperity is masking the hardships faced by countless citizens across the country. It’s a clear reminder that despite this economic boom, progress cannot be measured solely by GDP or
Foreign direct investment. Another challenge which Ireland is facing despite its economic boom is the struggling healthcare system. Recent research by B&A paints a troubling picture. A mere 2% deem Ireland’s healthcare “excellent,” languishing far behind the global average of 7%. Ireland finds
Itself among the bottom rung, sharing ignominy with Greece and Bulgaria.This isn’t simply a case of lagging behind; it’s a case of dissatisfaction. Only 20% consider the system even “basically good,” a void that widens further when compared to northern European nations. From these reports,
We can see that despite having a healthcare system with certain strong points, it still seems Ireland has failed to meet public expectations and also struggled to gain their confidence. Why is this the case? Let’s start from why it failed to meet public expectations: Public health expenditure
In Ireland lags behind many other developed nations, leading to resource constraints and infrastructure limitations. This translates to longer waiting times, overcrowded facilities, and limited access to specialized care. Ireland faces a chronic shortage of healthcare professionals, particularly in rural areas. This shortage is driven by factors like low salaries, poor working
Conditions, and limited career progression opportunities. Let’s move on to why there’s low public trust:Public trust has been eroded by past scandals and controversies within the healthcare system, including long-standing issues with access to care for certain cities and the handling of medical disasters. High expectations for a modern, efficient healthcare system fueled
By Ireland’s economic success are often met with disappointment due to the aforementioned shortcomings. These situations are the result of the shortcomings of Ireland’s economic policies, especially during the austerity periods. Ireland’s government has prioritized fiscal consolidation over healthcare investment. This approach has led to cuts in public health funding. The insufficient
Investment, fragmentation, and workforce shortages stemming from Ireland’s economic policies directly contribute to the subpar performance of the healthcare system. This, in turn, fuels the public’s lack of trust and creates a vicious cycle of underperformance and eroded public confidence.
Another challenge is the The Irish asylum center controversy.. Which is the most recent one that highlights tensions brewing beneath Ireland’s economic success. Citizens, grappling with housing and healthcare woes, feel strained resources can’t support additional demands, sparking concern
And even anger. We can see a protest of various angry irish citizens. On another angle Ireland’s economic narrative is a curious one. With a GDP per capita rivalling Germany and France, it seemingly ranks among the wealthiest European nations. Yet, scratch beneath the surface, having
A lot of problems like healthcare struggles, soaring housing costs and widening income inequality. This gap between national wealth and individual well-being, begs the question: how can a seemingly prosperous nation struggle so deeply with basic needs? The roots of this
Paradox lie in the structure of Ireland’s economy and its historical trajectory. The Celtic Tiger era saw an influx of foreign investment, primarily in tech and financial services. While this fuelled rapid GDP growth, it also created a lopsided economy, prioritizing certain sectors over others.
Jobs created often demanded specialized skills, leaving lower-skilled workers behind. Meanwhile, wages struggled to keep pace with rising housing costs, squeezing middle- and lower-income families. Public services like healthcare and housing haven’t kept pace with economic growth. This underinvestment led to long waiting lists and limited access, particularly for vulnerable
Communities. All these have led to problems facing Ireland today. The future of Ireland’s prosperity would rest on its fostering domestic industries and supporting small businesses that can create more inclusive growth as well as implementing progressive taxation, minimum wage increases, and affordable housing initiatives can help bridge the gap between rich and poor.