The economical makeup of Ireland is a combination of private and public sector working in union. The government states that private initiatives be encouraged and the government takes initiative in places of lack of privatization. The arrival of a single European market in the 1990s helped flourish the private sector in the country has resulted in many semi- state owned enterprises that form basic necessities like the transport sector and health sector.
Ireland is a forward thinking nation and has achieved the status of European Union’s 2nd largest freer economy and ranks 6th on a global scale. This has been a result of great technological advancement in the growth spurt years of Ireland about two decades ago. This advancement is the reason that Ireland is one of the few enviable nations across the world to entertain some economic growth despite the strict Covid-19 precautionary measures and increased rate of unemployment which have impacted many facets of Irelandic life.
The effect of pandemic on Ireland has been surprisingly stable despite the many negative effects. There is still growth, rather at a slower pace but growth nonetheless. This is a result much better than what the global economy is facing post pandemic. The major contributors to Irelandic growth are first, the pharmaceutical sector which has been a large exporter and hence a major contributor to the economy and second the IT sector of the country which has fulfilled the worldwide demands of businesses looking to make an infrastructural shift to cloud.
Before talking about Ireland being a technological hub, it is important to note the major factor supporting this growth, the corporate tax; the corporate tax is only 12.5% which makes Ireland one of the most profitable and competitive markets in the European Union. Hence, it has seen a major advancement in the IT sector, second largest globally. The country is rated rightest in terms of foregin investment attraction. You can find some of the big gaming companies like Zynga and Big Fish to have bases in the country.
Additionally, the export of cloud services with the combination of other services that have been on high demand on the pandemic has created an acute market that is highly beneficial to Ireland making the blow of global recession within the country. The country is expected to get back on the rising tide by the end of 2020 as the government has put in plans to counter other economical impacts like increase in unemployment while the IT sector keeps the economy floating.