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Dublin Docklands - The Party Is Over For The Celtic Tiger
Celtic Tiger is a term used to describe a period of rapid economic growth in Ireland between 1995–2007, coming to a dramatic halt by 2008, with a GDP contraction of 14% by 2010.
The colloquial term Celtic Tiger has been used to refer to the country itself, and to the years associated with the boom. The first recorded use of the phrase is in a 1994 Morgan Stanley report by Kevin Gardiner. The Celtic Tiger refers to the East Asian Tigers—the tigers of South Korea, Singapore, Hong Kong, and Taiwan during their periods of rapid growth in the 1980s and 1990s. The Celtic Tiger period has also been called the "The Boom" or "Ireland's Economic Miracle".
In early January 2009, the Irish Times in an editorial declared that: We have gone from the Celtic Tiger to an era of financial fear with the suddenness of a Titanic-style shipwreck, thrown from comfort, even luxury, into a cold sea of uncertainty. During that time, Ireland experienced a boom in which it was transformed from one of Europe's poorer countries into one of its wealthiest. The causes of Ireland's growth are the subject of some debate, but credit has been primarily given to state-driven economic development: social partnership between employers, government and unions, increased participation in the labour force of women, decades of investment in domestic higher education; targeting of foreign direct investment; a low corporation tax rate; an English-speaking workforce, and crucial EU membership – which provided transfer payments and export access to the Single Market.
Historian Richard Aldous considers that the Celtic Tiger has now gone the way of the dodo. In early 2008 many commentators thought a soft landing was likely. By January 2009, it seemed possible the country could experience a depression.
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