Are you an EPFL student looking for a semester project?
Work with us on data science and visualisation projects, and deploy your project as an app on top of Graph Search.
Concept
Celtic Tiger
Summary
The "Celtic Tiger" (An Tíogar Ceilteach) is a term referring to the economy of Ireland from the mid-1990s to the late 2000s, a period of rapid real economic growth fuelled by foreign direct investment. The boom was dampened by a subsequent property bubble which resulted in a severe economic downturn.
At the start of the 1990s, Ireland was a relatively poor country by Western European standards, with high poverty, high unemployment, inflation, and low economic growth. The Irish economy expanded at an average rate of 9.4% between 1995 and 2000, and continued to grow at an average rate of 5.9% during the following decade until 2008, when it fell into recession. Ireland's rapid economic growth has been described as a rare example of a Western country matching the growth of East Asian nations, i.e. the 'Four Asian Tigers'.
The economy underwent a dramatic reversal from 2008, hit hard by the global financial crisis and ensuing European debt crisis, with GDP contracting by 14% and unemployment levels rising to 14% by 2011. The economic and financial crisis lasted until 2014; the year 2015 with a growth rate of 6.7% marked the beginning of a new period of strong economic growth.
The colloquial term "Celtic Tiger" has been used to refer to the country itself, and to the years associated with the boom. The first recorded use of the phrase is in a 1994 Morgan Stanley report by Kevin Gardiner. The term refers to Ireland's similarity to the East Asian Tigers: Hong Kong, Singapore, South Korea, and Taiwan during their periods of rapid growth between the early 1960s and late 1990s. An Tíogar Ceilteach, the Irish language version of the term, appears in the Foras na Gaeilge terminology database and has been used in government and administrative contexts since at least 2005.
The Celtic Tiger period has also been called "The Boom" or "Ireland's Economic Miracle". During that time, the country experienced a period of economic growth that transformed it from one of Western Europe's poorer countries into one of its wealthiest.
Official source
About this result
This page is automatically generated and may contain information that is not correct, complete, up-to-date, or relevant to your search query. The same applies to every other page on this website. Please make sure to verify the information with EPFL's official sources.