Ireland

Stephanie Humphries

Overall: 76.6 +0.4 Rank:9

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Ireland

Population: 4.8 million

GDP: 188.9 Billion

GDP Growth %: -0.3% growth

GDP Per Capita: $39,547 per Capita

Unemployment: 13.6%

Inflation: 0.5%

Foreign Direct Investment: $35.5 Billion

United States

Population: 316.4 million

GDP: $16.8 trillion

GDP Growth %: 1.9% growth

GDP Per Capita: $53,101 per Capita

Unemployment: 7.5%

Inflation:1.5%

Foreign Direct Investment: $187.5 Billion

7 Major Sources of Economic Progress

Legal System

Ireland's legal system is a lot like like Britons with some differences. Irish law is based on Common Law. The highest law in Ireland is the Constitution of Ireland which is where all the laws are laid out in. There laws reflect ages of Irish parliamentary rule.

Competitive Markets

Because Ireland is in the top 10 on the 2015 Index of Economic freedom it have a free open market with some regulations by the government, much like the united states. Because they have a free market they have both national and international competition. This competition creates a everlasting and eternal drive to make the cheapest most efficient goods available to Ireland.

Limits on Government Regulation

Ireland is a very free and independent country and the government is restricted on how much it can make regulations making Ireland very free. It both has economic and social prosperity because of this. Irish government is restricted in its spending, tax levying, and how much it restricts economic things such as stocks market, property, businesses.

An Efficient Capital Market

Ireland keeps a Efficient Capital Market by keeping a open market and allowing competition and the invisible hand do its work. it also regulates how much it government restricts economy. keeping a open market allows capital to flow threw there country and economy. In addition tourism in Ireland keeps them afloat in this cut throat world.

Monetary Stability

Ireland has a very stable economy so its currency still holds true to its worth. They don't print a bunch of money so there inflation is very low. They use the euro as there currency and so due to there strong economy the value of the euro is higher there than in other parts of europe. In other words you can get more for your dollar.

Low Tax Rates

Ireland's taxes are very low. They have a very low corporation tax, it is used as an incentive for foreign companies to invest in the state. The low tax rates allow people to keep money they are spending in Ireland's economy without levying regulations on international trade. Lastly the low tax rates allow people to put more of there money into the economy without the government taking it and doing it themselves.

Free Trade

Ireland has a free trade. The government has few restrictions on trade which makes it possible for products from Ireland to be worldwide and products worldwide be in Ireland. There free trade policy has been in effect for more than a century because of this there relations with other countries and economy has prospered.
Budget 2015 What it means for business?