To be fully
immersed in the culture of a country, all aspects of life in that country must
be considered. In particular, the economic situation of the country and the
viewpoints of its citizens is what shapes part of an abroad experience. A combination of news articles, observation,
and human contact will elicit the most insightful analysis of a country’s
economic health.
From the
beginning of my matriculation in Dublin Business School, I knew that economics
would be a large part of our studies since economics also has a great impact on
the culture and politics of a country. Being a business major with an intense
interest in the global financial markets, as well as being enrolled in a
business school, I began my understanding of Irish economics early by reading
the business section of The Journal
online. What I gathered from three
articles is as follows:
22 June 2012 – “EIB President would ‘like to sort out the problems that Ireland has’
As part of
the European growth incentives, Finance Minister of the European Investment
Bank, Michael Noonan, met with Irish representatives to discuss ways of making
funding available. The funding would go toward roadway projects, schools, and
community healthcare among other issues on the list.
17 July 2012 – “Governments 2.25 billion euro stimulus plan
hopes to creat 13,000 jobs”
To boost
the Irish economy with the continued EU recession, the government is aiming to
create jobs in the construction sector. Approved programs include school building,
motorway network upgrades, state pathology labs, and upgrades to the Garda
Headquarters, courthouses and health sector.
The National Pension Reserve Fund, investment from the EIB, public
private partnerships, and proceeds from the sale of state assets will fund
majority of these projects. The hope of these projects is gaining economic
independence from the EU-IMF bailout.
19 July 2012 – “Irish economy has stabilised, but more
reform needed”
The
National Competitiveness Council wishes to broaden the tax base and reform the
public sector whilst proclaiming that the Irish economy has stabilised. Future
reforms would encompass policies relating to the labour market, competition
policy, taxation, education and skills in order to relieve the high costs of
the location768. There is a need to reduce enterprise and consumer costs by
focusing on “maximizing competition and removing barriers to competition in
sheltered sectors.”
The CIA
World Fact Book for Ireland states the United States view that growth is
expected to slow in 2012 as a result of the euro-zone debt crisis.
Statistically, unemployment in Ireland is the highest in the EU at 14.4% with
unemployment for youth ages 15-24 at 24.3%. These facts however, do not
coincide with the articles from the previous two months. Analysis of the
articles shows an economy that is on its way to reforming policies to decrease
unemployment while positively affecting the infrastructure of the country. Focus
on education and healthcare along with job creation are prevalent in much of
what is discussed in economic articles on any given day. Although 13,000 jobs
may seem like a lofty goal, it seems as though the governing body of Ireland
recognize the areas of concern and have a clear plan targeting them for reform.
Aside from
factual representation of the Irish government, observation and interaction
with the people of Ireland give a completely different vibe. On any give day
walking along O’Connell or Grafton streets, the major shopping streets, you
will have difficulty picking yourself through the throng of teenagers and
families out purchasing goods. This occurrence is not specific to Dublin; while
in a hotel in Belfast, a group of Irish girls in their teens from the south
were sitting amongst 20-30 shopping bags filled to the brim. It does not seem
to me that a country with expected slowed growth would be able to support this
kind of lifestyle. My observation of the citizens of Ireland as well as
analysis of the final article referencing a stable economy lead me to believe
that the Irish economy is relatively healthy at this point in time. This could be due in part to the economical prices of stores such as Penneys and Dunnes as compared to astronomical prices of some American brands. Additionally, I've noticed that most Irish people only buy what they need when they need it to eliminate waste. For example, the local fruit, vegetable, meat, and fish vendors are visited daily by the city inhabitants to only seem to buy what they need for that day.
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