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According to some statistics, Ireland is one of the richest countries in the world. Is that true?
In the mid-19th century, Ireland went through the worst moment in its history: a plague spread through potato plantations, causing famine, disease throughout the country, and a major economic crisis. One hundred years later, Ireland found itself in a different scenario, now independent and with more access to the European market. The country had a unique opportunity to stand out economically and become one of the richest countries in the world today.
But, in practice, is this true? We will see in this video how Ireland became one of the most attractive economies in recent decades for technology and pharmaceutical companies.
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Disclaimer:
The terms in the videos are simplified, and the idea is to make the subject easy to understand. In the video, it is discussed about the similarity of "GDP" and "Income" and the fact that they are considered synonymous. Among economists, there is some discussion as to whether GDP is actually income or not, but to simplify the subject and not make the video even more complicated with difficult acronyms, both have been treated as synonymous 😁
However, for those who want to delve deeper into the subject: to calculate per capita income, the "Gross National Product" is typically used, which is the GDP minus exports from foreign companies, but added to what is sent to the country by domestic companies operating in other countries.
All information and images used in the video are public and can be easily found on the internet. Sources: The Heritage Foundation; IMF; Statista; Human Development Report; Economic Observatory; Trading Economics; Meta; The Irish Times; BBC; Wall Street Journal; World Economics; BBC; The Journal.