Ireland in the Global Economy Essay Sample
In this sample writing, we shall discuss the ranking of Ireland in the global economy, the impact of Covid 19 on the Irish economy, and steps to be taken by the Irish government to help the economy during the pandemic.
The Republic of Ireland is one of the best performers in the global economy as it provides the best quality goods and services to the other countries. It has the best Gross Domestic Product rate than the rest of the European Union.
Ireland’s Ranking in the World Economy
- Ireland is an open economy with an economic freedom score of 80.9 which places it on the Sixth rank on the Index of Economic Freedom. It also has the highest rate of foreign direct investment flow (FDI).
- Ireland’s income inequality has fallen down to 8% in recent years increasing the wage rate. It is performing better than the rest of the EU countries economically as it provides real wages and full employment.
- The ranking of Ireland in the World Economic Forum Gender Gap Index is Ninth which is much higher than countries like France, UK, Germany, and Denmark.
- In the global GDP per capita tables, Ireland scores fourth out of 186 in the IMF table and fourth of 187 in the World Banking ranking.
- Ireland is ranked 24th out of 137 nations in the World Economic Forum Global Competitiveness Index.
- Import and export value of the goods and services greatly contribute to the GDP. Both the domestic and international firms receive equal treatment in the competition and investment regime. The banking sector remains stable.
- Trade has been one sector that has not been affected due to pandemic rather outperforming the other competitors. Foreign multinationals are dominating the Irish export markets that include computer services, medical and pharmaceutical products, food items, machinery and equipment, and animal products.
- There is improved accessibility to credit and uniform contracts.
- The property rights of the Irish people are well secured and protected. Their interests in relation to the property are well recognized and enforced. So, therefore there is no individual economic loss of people.
- Corruption is not an economic issue in Ireland as there are many anti-bribery and anticorruption laws that regulate any holding of illegal money or use by the Irish government servants.
Impact of Covid 19 on the Irish Economy in the year 2020 and 2021
Due to a global pandemic, there has been a major impact on the economy of every country around the globe. There has been a huge number of layoffs in every sector of Ireland majorly affecting its workforce.
The unemployment rate has increased up to 14.7% in September 2020 which is much higher than before the pandemic. Investment and household spending have declined drastically in the year 2020.
Though there has been growth in the GDP due to better exports in the pandemic year as there had been an increase in demand for medicines and other food items globally.
The year 2021, will remain uncertain in its economic growth of Ireland as there will be a risky combination of Covid 19 further outspread, related restrictions, and no-deal Brexit.
Foreign Trade Agreements (FTA) is an agreement between the UK and the European Union this year, where the Irish economy as a result of it can grow up to 6.3%. With no-deal Brexit, it can grow up to only 3.3%.
The expenses and finances of the Irish Government shall remain high as the previous year as the situation of Covid 19 continues to exist.
The performance of taxation items will be better and expected to reduce the tax recipients substantially. Due to progressive tax systems, reforms, and concentration of job losses in low-paid employment it will result in the decline of the income taxes.
The impact of Covid 19 on the Irish economy will be much lesser than the rest of the European countries.
Steps were taken by the Irish Government to save the Economy from pandemic
- The Irish government has helped the people who have lost their jobs through a fair economic scheme and expansion of the welfare system. Private tenants who have lost jobs must be helped to pay the rents on time by sharing their financial burden. Banks must offer aid and help those with mortgages who have lost their jobs.
- The government has helped the small or medium-sized businesses to survive in the market by helping them to recover their position. Small business owners are helped by commercial landlords.
- Even though the economy can bounce back after being hit by the pandemic it still requires sufficient resources by the government for speedy and effective recovery. The government has been planning for fulfilling the shortage of resources during a time of crisis.
- Certain reforms is getting introduced by the government for improving the quality of judicial processes and bank privatization which can enhance a free economy.
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The above essay sample mentions Ireland in the Global Economy and its economic position in the world.
Applied Economics FETAC Level 5, Economics QQI Level 5, Business Administration Course QQI Level 5, Certificate in Business and IT studies QQI Level 5 students can read this above sample to understand the economy of Ireland.
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