MAJOR COMPANIES IN IRELAND
Ireland has become a central player in the European and global economy. The country has attracted some of the world’s largest companies in the technology, financial, and pharmaceutical sectors. This has led some to refer to the country as the “Celtic Tiger”. But has the arrival of major companies such as Apple truly contributed to Ireland's economic success?
- IRELAND AT THE CENTRE OF THE EUROPEAN IT INDUSTRY
Ireland has become an important base for global tech giants, with major multinational companies setting up their European headquarters in Dublin and other areas. Companies like Microsoft, Apple, Facebook (Meta), Amazon, Intel, and many others are all present and have invested in the country, making it a focal point for the European IT industry. This influx of companies has led to a rise in demand for data centers, financial services, and both commercial and residential properties.
- INFLUENCE OF IRISH IT INDUSTRY ON STOCK PRICES
The presence of the major global companies in Ireland has created opportunities for stock traders since significant revenue is generated from the European operations of these tech companies. This means that stock price fluctuations could sometimes be influenced by Irish economic data, corporate tax policies, or EU regulations.
- WHAT TRANSFORMED THE ‘CELTIC TIGER’ INTO AN ECONOMIC SUCCESS?
In the 1980s Ireland had been one of the poorest countries in Europe for more than two centuries. However, the country has since experienced significant growth, leading to the coining of the phrase “Celtic Tiger” to describe Ireland’s current economic success. Key factors behind this transformation include:
Low corporate tax rates (among the lowest in the EU) and low wages
Foreign investment
EU membership and subsidies
- FOREIGN INVESTMENT AND IRELAND: THE BEATING HEART OF EUROPEAN IT INDUSTRY
The initial boost for Ireland in the 80s and 90s was due to its EU membership. US companies such as Dell, Microsoft, Intel, and Gateway were among the first to set up operations, attracted by EU and Irish government grants and positive development policies. Economic liberalisation and the creation of the International Financial Services Centre created many valuable jobs in legal and financial management sectors as well. In the 2000s, Amazon, Twitter (X), TikTok, PayPal, and Facebook had all moved their European operations headquarters to Ireland.
- THE REALITY OF TOP COMPANIES LOCATED IN IRELAND
The most obvious benefit for Ireland, aside from economic growth, has been the creation of thousands of high-skilled jobs. Additionally, homegrown Irish companies like the low-cost airline Ryanair, which benefited from trade liberalisation, have become major players in their industries. The betting industry has also seen significant growth, with these companies generating thousands of new jobs. On the other hand, there are some criticisms as well. Some argue that public services in Ireland suffer due to low government tax revenue and tax avoidance, which leads to low government spending. Areas where business clusters are located remain underdeveloped and poorly integrated with the wider Irish economy, meaning small and medium-sized businesses have not seen the same benefits. There is also a housing shortage in Dublin, amid worries about a process of gentrification, as rent and housing prices continue to rise.
Conclusion –
There is no doubt that Ireland’s economy has made great profits in recent decades with the arrival of huge companies. Since 1990, the Irish economy has grown by an average of around 4.5%, nearly double that of its closest neighbor, the UK. Despite some inevitable challenges, Ireland is in a much stronger position than before. It’s a thought worth considering as revelers celebrate St Patrick’s day!