The “most flexible economy in the world”, according to The Wall Street, is suffering setbacks because of the pandemic.
O GDP (Gross Domestic Product) of Ireland would have fallen by at least 1% during the first quarter compared to last year's development. The country started the year suffering a severe blockade in the economy because of the Covid-19 virus and its variants, which still cause fear in the entire Irish population. Altogether, it is estimated that Ireland has over 7 coronavirus deaths along with more than 1,5 million registered cases of infection since the year 2020. These numbers are considered high when taking into account the population size.
Another aspect that has been causing concern in the Irish economy is about inflation. Inflation means rising prices while consumer wages remain stagnant. Brazil is also experiencing an inflation crisis, in which the price of gasoline is surpassing the R$7 mark in at least twenty states. Milk, which until then cost R$ 1,99 in the city of Brusque, in Santa Catarina, is around R$ 5,99.
GDP dropped in Ireland's economy
According to data revealed during this Friday, July 03, it is estimated that the GDP (Gross Domestic Product) has increased at the same 10,8% in all of Ireland during this quarter, but even so, it was 1% below than forecast for the previous quarter.
As stated by the Central Statistics Office (CSO), the 14,1% development in the multinational sector was one of the aspects that prevented the value of the Gross Domestic Product from stagnating. Data collected by the government show that the population's expenditure on goods and services overall declined by at least 0,7%.
Everything you know about Ireland's economy
The Youtube channel that is called Exchange Investor there is a video that addresses more about the economic history of the irish and how today they are becoming a great power.
Strong recession during 2008
After extensive development, the Irish began to suffer from a strong recession during 2008. And now, with the Covid-19 pandemic, the same inflationary crisis tends to happen again.
Irish agriculture accounts for over 70% of the entire Gross Domestic Product strength and is already employing, across the country, the same 28% of the entire workforce. Currently, Ireland is also investing in the quality of labor from abroad.
Regarding to the World Economic Forum, the country is in seventh place.
Over the past decade, the government has been developing a series of strategies to combat inflation and control the percentage of unemployed. The increase in the basic interest rate, the same attitude that is being taken by Brazil, is a reality for Europeans to control the currency.
Another aspect of the country's history is that they would have joined the launch of the European Union during 1999. In this way, they have numerous responsibilities. economic and political issues within the group.
During the month of July 2018, Irish unemployment would have fallen by at least 5%. Furthermore, according to an article published by The Wall Street Journal and the Heritage Foundation, the Irish are responsible for containing one of the most flexible economies in the world.
