The Wounded Celtic Tiger (temporary condition)

For the best part of twenty years, the Irish economy has been the miracle child of Europe, to such an extent it became known as the Celtic Tiger. Ireland consistently had the highest European economic growth rate and the lowest unemployment levels.

Today, the Celtic Tiger is wounded – much like the rest of the world. Dell has just announced that it will cease manufacturing in Ireland with a direct loss of 1,900 jobs to the city of Limerick, significant by any standards but a disaster for a city of 90,000 people. Earlier this week, Waterford Wedgwood announced receivership with the likely loss of 800 jobs to Waterford city.

These are tough times for a country that had got used to the good life. Ireland has long lost the Quiet Man feel although it is still a really fun, hospitable country to visit. Today’s Irish citizen is used to flying to New York for a weekend’s shopping (fueled by a ludicrously weak dollar / euro rate) or flying to Dubai for a short vacation. Property prices made Seattle or San Francisco look cheap. A 1,600 square foot house on a miniscule plot of land could sell for up to $2 million last year. As with the rest of the world, the property market has tanked.

There is no need to despair though. Ireland has significant advantages that will ensure long term prosperity. We have one of the best and deepest education systems in the western world. With some exceptions university education is free. This has paid dividends drawing major pharmaceutical and software companies to Ireland. Today’s piece of totally useless information: - the largest Viagra plant in the world is in Kinsale, County Cork. In recent years, Google and Facebook have located their European HQs in Ireland. The cosmopolitan face of Ireland is evidenced by the fact that Google’s Dublin office hosts over 40 nationalities speaking over 50 languages.

Yup, it is tough right now, but being an ever optimistic Irish keynote speaker, it will turn around and soon again Irish eyes will be smiling.