How Ireland Became 2020's Fastest Growing Economy

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Economics Explained
Published at : 20 Jan 2021
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This is Ireland, or more specifically the Republic of Ireland which is a sovereign nation that is home to 5 million people who are all quickly becoming some of the wealthiest citizens in the world.

Ireland now has a GDP per capita of over $90,000 meaning they are well ahead of traditionally wealthy nationals or regions like Switzerland, Hong Kong and Norway and only placing behind statistical outliers like Luxembourg, Singapore and Qatar.

What’s more, is that Ireland is on track to be the fastest-growing economy in 2020 a year that has seen most nations fall behind.

It has achieved this despite historically being very dependent on trade and tourism which has of course been a lot more difficult in a world of closed borders.

So it looks like there should be a lot to learn from this country that could potentially be adapted to our own economies so that we too may share in the luck of the Irish right?

Well, that’s what the figures might have you believe but it may not be the whole story.

Frequent viewers of the channel will know that GDP figures alone can leave out some very important details about the true prosperity of a nation and the people living within it.

So to see if Ireland is more than a miracle of paperwork we need to look at a few key areas.

How has Ireland become so wealthy despite it’s history of being poor and oppressed?

Is this wealth going to benefit the citizens of the nation?

And is this Irish strategy something that all nations could adopt?

Oh and while we are here it should go without saying that we are going to put Ireland on the Economics Explained national leaderboard.



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