CELTIC TIGER
Nickname for Ireland, pertaining to its boom years in late 1990s. During that time, it enjoyed an average annual economic growth rate of 6.5%. The first boom happened in 1990s when investors, many from tech companies, poured in because they were attracted by its tax rates. It ended in 2001 with the internet bubble burst. The second boom was in 2004 when Ireland opened its doors to employees from new European Union member countries. Surge in house prices, continued investment by multinationals, growth in employment and tourism, resurgence of IT industry, and the US economic recuperation contributed to its revival. Also called Celtic Tiger 2, it ended in 2008.
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