Ireland: Is the ‘Celtic Tiger’ roaring again? Ireland: Is the ‘Celtic Tiger’ roaring again?

Ireland: Is the ‘Celtic Tiger’ roaring again?
17 Nov 2017

It is perhaps an understatement to say that Ireland was hard hit by the 2008 recession. Prior to the global economic crisis, the country’s economy had been undergoing impressive growth, earning it the nickname ‘Celtic Tiger’. But post-crash, it did not just slow. It dive-bombed. The end-result was the introduction of major austerity measures, salary and job cuts and a subsequent rise in unemployment.

But of all the countries affected by the economic crisis, Ireland is arguably the ‘comeback kid’. While many global economies still hang in the balance, particularly in the wake of ongoing turmoil in Chinese markets, the country has reported high growth levels. In fact, the Economic and Social Research Institute (ESRI) predicts that its gross domestic product will grow by 5.3% over the course of this year.

So it comes as no surprise that the Irish government has committed to creating a further 25,000 jobs in Dublin and its surrounding area over the next two years. These numbers will inevitably include, among others, experienced payroll professionals required to manage new systems and evolving processes, particularly in the IT sector.

Dublin has firmly established itself as a leading tech hub, with an impressive number of high-profile brands such as Google, Facebook and Twitter basing their European headquarters in the capital. Subsequent investment has led to the regeneration of the previously derelict industrial Grand Canal area, now known as the ‘Silicon Docks’, which is at the heart of Dublin’s tech scene.

This scenario has inevitably led to a rise in demand for specialist IT talent, and such demand is only set to continue. The country’s low corporation tax rate of 12.5% remains an attractive option for multinational companies looking to set up shop abroad.

But its energy arena is also experiencing a boom, particularly in the renewables space. In recent years, Ireland has cemented its commitment to improving access to green energy, with a proliferation of wind turbines across the countryside being the result. Investment in other green technologies such as onfarm and industrial anaerobic digestion plants has likewise soared.

The fact that the country’s research institutions and energy industry have just secured €27 million ($30.38 million) in energy research funding under the European Union Horizon 2020 Research & Development programme also means that the good times are likely to continue for some time yet.

Ireland is certainly a land of fantastic promise. But given the country’s close ties with Great Britain and the uncertainty caused by the UK’s recent referendum vote in favour of Brexit, its economic future is uncertain. Interestingly, the Central Bank of Ireland has proved more pessimistic in its forecasts than ESRI, predicting that domestic growth will fall 1% compared with 2015 to a total of around 4%. But the fallout elsewhere is also still unclear.

For the time being though, Ireland’s promising economic growth, buoyant technology industry and commitment to developing renewable energy would all appear to offer great opportunities for companies interested in setting up overseas.

in Dublin and its surrounding area over the next two years. These numbers will inevitably include, among others, experienced payroll professionals required to manage new systems and evolving processes, particularly in the IT sector.

Dublin has firmly established itself as a leading tech hub, with an impressive number of high-profile brands such as Google, Facebook and Twitter basing their European headquarters in the capital.

Subsequent investment has led to the regeneration of the previously derelict industrial Grand Canal area, now known as the ‘Silicon Docks’, which is at the heart of Dublin’s tech scene.

 

Michelle has more than 18 years unrivalled experience of managing compliant contingent workforce solutions in more than 50 countries. She joined CXC Global, a leading provider of contractor and workforce management services, in 2009 to set up its operations in Europe, the Middle East and Africa (EMEA) and is currently CXC Global EMEA’s chief executive.

It is perhaps an understatement to say that Ireland was hard hit by the 2008 recession. Prior to the global economic crisis, the country’s economy had been undergoing impressive growth, earning it the nickname ‘Celtic Tiger’. But post-crash, it did not just slow. It dive-bombed. The end-result was the introduction of major austerity measures, salary and job cuts and a subsequent rise in unemployment.

But of all the countries affected by the economic crisis, Ireland is arguably the ‘comeback kid’. While many global economies still hang in the balance, particularly in the wake of ongoing turmoil in Chinese markets, the country has reported high growth levels. In fact, the Economic and Social Research Institute (ESRI) predicts that its gross domestic product will grow by 5.3% over the course of this year.

So it comes as no surprise that the Irish government has committed to creating a further 25,000 jobs in Dublin and its surrounding area over the next two years. These numbers will inevitably include, among others, experienced payroll professionals required to manage new systems and evolving processes, particularly in the IT sector.

Dublin has firmly established itself as a leading tech hub, with an impressive number of high-profile brands such as Google, Facebook and Twitter basing their European headquarters in the capital. Subsequent investment has led to the regeneration of the previously derelict industrial Grand Canal area, now known as the ‘Silicon Docks’, which is at the heart of Dublin’s tech scene.

This scenario has inevitably led to a rise in demand for specialist IT talent, and such demand is only set to continue. The country’s low corporation tax rate of 12.5% remains an attractive option for multinational companies looking to set up shop abroad.

But its energy arena is also experiencing a boom, particularly in the renewables space. In recent years, Ireland has cemented its commitment to improving access to green energy, with a proliferation of wind turbines across the countryside being the result. Investment in other green technologies such as onfarm and industrial anaerobic digestion plants has likewise soared.

The fact that the country’s research institutions and energy industry have just secured €27 million ($30.38 million) in energy research funding under the European Union Horizon 2020 Research & Development programme also means that the good times are likely to continue for some time yet.

Ireland is certainly a land of fantastic promise. But given the country’s close ties with Great Britain and the uncertainty caused by the UK’s recent referendum vote in favour of Brexit, its economic future is uncertain. Interestingly, the Central Bank of Ireland has proved more pessimistic in its forecasts than ESRI, predicting that domestic growth will fall 1% compared with 2015 to a total of around 4%. But the fallout elsewhere is also still unclear.

For the time being though, Ireland’s promising economic growth, buoyant technology industry and commitment to developing renewable energy would all appear to offer great opportunities for companies interested in setting up overseas.

in Dublin and its surrounding area over the next two years. These numbers will inevitably include, among others, experienced payroll professionals required to manage new systems and evolving processes, particularly in the IT sector.

Dublin has firmly established itself as a leading tech hub, with an impressive number of high-profile brands such as Google, Facebook and Twitter basing their European headquarters in the capital.

Subsequent investment has led to the regeneration of the previously derelict industrial Grand Canal area, now known as the ‘Silicon Docks’, which is at the heart of Dublin’s tech scene.

 

Michelle has more than 18 years unrivalled experience of managing compliant contingent workforce solutions in more than 50 countries. She joined CXC Global, a leading provider of contractor and workforce management services, in 2009 to set up its operations in Europe, the Middle East and Africa (EMEA) and is currently CXC Global EMEA’s chief executive.