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After a decade of the Celtic Tiger, it seems that there’s nothing stopping the Irish economy (for Celtic Tiger disambiguation, please refer to my previous post). This socio-economic phenomenon is most evident in Dublin, where a plot of land for a small two-story house was sold for 538 000 euros last week. Don’t think it was prime location either. This land was squeezed between a canal outside the downtown area and a major motorway. Billionaire Denis O'Brien purchased a house with seven beds in Dublin for a heartbreaking 35 million British pounds recently. It seems the Celtic Tiger is taking its toll on the fabulously rich as well. The buoyant economy has generated a shift in the mentality of Dubliners – you will see people in their 30s driving Bentleys and Ferraris, a plethora of foreign laborers, and an excessive demand for private education in a country that used to be proud of its public schools. At the same time, we have seen a decline in health care, a deteriorating road infrastructure and skyrocketing prices in bars, restaurants and banks.
Economists predict that the boom will continue for at least 15 more years. A 25-year boom is nothing short of extraordinary. The growth of Ireland’s economy is unparalleled by anything in the EU. It is believed that Ireland will outperform all other EU states because of the 70s baby boom in the country, the so-called Tiger Cubs. The labor force of Ireland is very different from all the others within the framework of the European community. The cubs are approaching their peak spending and earning power, which may lead to an economic growth of 6% over the next fifteen years. By then about a million workers will be immigrants. This is a startling change considering the Irish’s history of famine and endless emigration.
Moore Street in Dublin is characteristic of the new age. Once a lively fruit market, it is now home to stores catering for the Chinese, Polish and Nigerian communities with exotic foods, hair extensions and phone cards.
An economic boom spanning over two decades – is it too good to be true?