Washington Times Jan 19, 2009
Tigers
Down:
Boisterous and strong
economies now imperiled - -
Michael
Hennigan, founder of the Irish financial Web site Finfacts.com, said,
"Huge
inward investment from the U.S. triggered the Celtic Tiger, but it was allowed
to develop into an out-of-control property boom, rather than focusing on
developing a domestic exporting sector. Between 2000 and 2007, employment in
Ireland expanded by 40 percent - in construction, public services, retail and
distribution - while employment in the international tradable goods and services
sector fell."
New York Times Jan 04,
2009
The Irish Economy’s Rise Was Steep, and the Fall Was Fast
- - But beyond the glow of this sudden efflorescence that
made Ireland the fourth most-affluent country in the
Organization for Economic Cooperation and Development, a
housing bubble had begun to form. Low interest rates, a
wave of inward immigration and a bank lending spree
drove housing’s share of the economy to 14 percent, the
highest in Europe, from 5 percent, according to research
done by Finfacts, a financial Web site that analyzes the
Irish economy.
Developers like Mr. Dunne became multimillionaires
and — much like the hedge fund and private-equity elite
in America — became visible public and cultural figures.
They were living large in a country just coming to grips
with its ability to show a little swagger.
<Finfacts provides independent economic
analyses not geared to please any group, be they
politicians or otherwise. We neither angle
for patronage or kowtow to any vested
interest.
We don't campaign for stamp duty cuts while
ignoring land rezoning, VAT, planning and much
more. Nor would we argue for leaving the Eurozone to please some paymaster!
>> - -
Michael Hennigan
|
