The Economic Lessons for Canada from Ireland's Success Story Essay - 1

The Economic Lessons for Canada from Irelands Success Story - attempt ExampleThis research will begin with the statement that in the recent years, the economy of Ireland has shifted its focus from world an agricultural economy to a more knowledge-based economy. The focus is more on the trade, investment, service sectors and the high engineering science industries. Ireland is considered as one of the wealthiest economies among the OECD countries. According to the reports of PWC, the economy is expected to have a GDP growth tell of 0.8% in the year 2011. Ireland is a planetaryized economy with the second largest GDP in the EU. During the period of the Celtic tiger its GDP grew in a double-digit figure. The countries GDP growth vagabond was consistent at 6% process 2008, after which it faced a drastic fall in its GDP owing to the global recession. The economic growth also resulted in a high inflation rate. However, the prices fell in light of the global recession, and as per the reports till 2009, the inflation rate fell by 4.5%. Fall in the inflation rate is good for an economy as it also boosts the investment sector. The public finances also registered a demonstrable growth due to the strength of Irelands economy. The rate of employed people grew drastically and the unemployment figure fell. The ordinary unemployment rate is expected to be 13% in the year 2011. The economy has only 5.5% of its population under the poverty line. US investments is one of the factors that helped in Irelands growth as well as modernization by increasing its employment opportunities, export potentials and enriching its technology.