Celtic Phoenix: Difference between revisions
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'''Celtic Phoenix''' is a term used by some economic commentators and media outlets to describe the economic growth in [[Republic of Ireland|Ireland]] since 2014, after the [[Post-2008 Irish economic downturn|2008–2013 economic downturn]] and [[Post-2008 Irish banking crisis|related banking crisis]]. The term refers to the concept of a [[Phoenix (mythology)|phoenix]] rising from the ashes of the [[Celtic Tiger]] (a similar term applied to a period of growth in Ireland in the late 1990s and early 2000s).<ref>{{cite web|url=http://www.shelflife.ie/rise-of-the-celtic-phoenix/|title=Rise of the Celtic Phoenix?|publisher=''Shelflife Magazine''|date=16 September 2014}}</ref><ref>{{cite web|url=http://www.independent.ie/irish-news/news/ireland-is-a-spending-nation-once-again-as-celtic-phoenix-rises-30531688.html|title=Ireland is a spending nation once again as Celtic Phoenix rises|publisher=''Irish Independent''|date=24 August 2014}}</ref> |
'''Celtic Phoenix''' is a term used by some economic commentators and media outlets to describe the economic growth in [[Republic of Ireland|Ireland]] since 2014, after the [[Post-2008 Irish economic downturn|2008–2013 economic downturn]] and [[Post-2008 Irish banking crisis|related banking crisis]]. The term refers to the concept of a [[Phoenix (mythology)|phoenix]] rising from the ashes of the [[Celtic Tiger]] (a similar term applied to a period of growth in Ireland in the late 1990s and early 2000s).<ref>{{cite web|url=http://www.shelflife.ie/rise-of-the-celtic-phoenix/|title=Rise of the Celtic Phoenix?|publisher=''Shelflife Magazine''|date=16 September 2014}}</ref><ref>{{cite web|url=http://www.independent.ie/irish-news/news/ireland-is-a-spending-nation-once-again-as-celtic-phoenix-rises-30531688.html|title=Ireland is a spending nation once again as Celtic Phoenix rises|publisher=''Irish Independent''|date=24 August 2014}}</ref> |
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Revision as of 22:49, 18 May 2015
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Celtic Phoenix is a term used by some economic commentators and media outlets to describe the economic growth in Ireland since 2014, after the 2008–2013 economic downturn and related banking crisis. The term refers to the concept of a phoenix rising from the ashes of the Celtic Tiger (a similar term applied to a period of growth in Ireland in the late 1990s and early 2000s).[1][2]
Causes
Strong growth
In late 2013, Ireland exited an EU/ECB/IMF bailout term. In the following year the Irish economy grew strongly, with the construction sector showing signs of recovery in 2014.[3] In total, the Irish economy grew by 4.8% in 2014.[4] This growth helped to reduce the Irish national debt to 109% of GDP, and the budget deficit also fell to 3.1% in the fourth quarter of 2014.[5] In April 2015, lobbying group Ibec predicted a growth rate of 5.4% for 2015, building upon the growth from 2014.[6]
Rise in property prices
Property prices increased in 2014, growing fastest in Dublin. This was due to a demand in housing, which caused some improvement in the construction and property sectors.[7]
Reaction
In October 2014, German finance minister, Wolfgang Schäuble said that Germany was "jealous" at how the Irish economy had recovered after the bailout. He also said that Ireland had made a significant contribution to the stabilisation of the euro. [8]
While Taoiseach Enda Kenny praised the economic growth, and said that Ireland would seek to avoid returning to a "boom and bust" cycle, he noted that other areas of the economy remained fragile.[9][10][11]
Some other commentators have suggested that, depending on the world economic outlook and other internal and external factors, the growth seen in Ireland in 2014 and early 2015 may not indicate a longer-term pattern for sustainable economic improvement.[12][13][14][15]
Government response
Budget 2015
The budget for 2015 was announced on 14 October 2014 in the Dáil by Minister for Finance Michael Noonan and Minister for Public Expenditure and Reform Brendan Howlin. It was the first government budget in 7 years to include tax cuts and spending increases.[16]
Spring Economic Statement
Later in April 2015, during a "Spring Economic Statement" (also by the Minister for Finance and the Minister for Public Expenditure and Reform), Noonan and Howlin outlined the government's plans for tax cuts and spending increases up to the year 2020.[17][18]
References
- ^ "Rise of the Celtic Phoenix?". Shelflife Magazine. 16 September 2014.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "Ireland is a spending nation once again as Celtic Phoenix rises". Irish Independent. 24 August 2014.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "Rise of new orders for 'battered' Irish construction sector indicates recovery". Irish Independent. 10 March 2014.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "GDP growth of 4.8% makes Ireland fastest growing EU economy". RTÉ News. 12 March 2015.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "Strong growth sees national debt fall to 109% of GDP". Irish Times. 20 April 2015.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "Bullish Ibec raises growth forecast to 5.4%". Irish Examiner. 13 April 2015.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "Property prices nationally up 15 per cent in 12 months". The Irish Times. 24 September 2014.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "German Finance Minister Wolfgang Schaeuble: 'Germany jealous of Irish growth figures'". Irish Independent. 31 October 2014.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "Enda Kenny says Irish economy strengthening but remains fragile". The Irish Times. 28 January 2015.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "No going back to boom and bust, says Kenny". The Irish Times. 9 March 2015.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "Enda Kenny: 2015 is the year of rural recovery". Irish Examiner. 6 March 2015.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "The Myth of the Irish Recovery". CounterPunch. 1 May 2015.
- ^ "Celtic phoenix - Ireland's economy emerges from ashes". Australian Financial Review. 17 March 2015.
- ^ "IMF sounds warning note over economic recovery". The Irish Times. 2 May 2015.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "Tánaiste Joan Burton warns Ireland's economic recovery is not secure". The Irish Times. 29 April 2015.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "Budget Key Points". RTÉ News. 14 October 2014.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "Expansionary budgets until 2020 are possible - Spring Economic Statement". RTÉ News. 28 April 2015.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help) - ^ "Spring statement: the main points". The Irish Times. 28 April 2015.
{{cite web}}: Italic or bold markup not allowed in:|publisher=(help)