How Ireland Became 2020's Fastest Growing Economy | Economics Explained

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This is Ireland, or more specifically the Republic of Ireland which is a sovereign nation that is home to 5 million people who are all quickly becoming some of the wealthiest citizens in the world.
Ireland now has a GDP per capita of over $90,000 meaning they are well ahead of traditionally wealthy nationals or regions like Switzerland, Hong Kong and Norway and only placing behind statistical outliers like Luxembourg, Singapore and Qatar.
What’s more, is that Ireland is on track to be the fastest-growing economy in 2020 a year that has seen most nations fall behind.
It has achieved this despite historically being very dependent on trade and tourism which has of course been a lot more difficult in a world of closed borders.
So it looks like there should be a lot to learn from this country that could potentially be adapted to our own economies so that we too may share in the luck of the Irish right?
Well, that’s what the figures might have you believe but it may not be the whole story.
Frequent viewers of the channel will know that GDP figures alone can leave out some very important details about the true prosperity of a nation and the people living within it.
So to see if Ireland is more than a miracle of paperwork we need to look at a few key areas.
How has Ireland become so wealthy despite it’s history of being poor and oppressed?
Is this wealth going to benefit the citizens of the nation?
And is this Irish strategy something that all nations could adopt?
Oh and while we are here it should go without saying that we are going to put Ireland on the Economics Explained national leaderboard.
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[@EconomicsExplained]

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[@ashj_2088]

Ok bro😎👍🇦🇺

[@ChadPANDA...]

:3

[@drrtfm]

Could you try to find out median GDP data, please, since it gives a much, much better understanding of how people are doing. GDP per capita is average GDP and with a Pareto distribution, this is highly misleading.

[@tasehagi]

the trends link in the description has an extra 'e'

[@TremereTT]

"This is Ireland, wich is a sovereign nation" Didn't you mean "This is ireland, a nation enslaved and occupied by the EU?" ;-)

[@AhmedHassan-ze2ub]

Is it because its capital is always dublin?

[@AhmedHassan-ze2ub]

@@mwanikimwaniki6801 ayeee

[@EconomicsExplained]

....

[@visitkotor9663]

Irish is now Irich.

[@GhostGamer123Ghost]

*Angry cork noises*

[@WillayG]

That took me a second. Jesus... just... wow... genius

[@coygus4422]

My wallet doesn't seem to know that we are one of the richest countries in the world

[@fintanoflaois3222]

Direct and indirect multinational activity generates 30% of Irish tax revenue and supports hundreds of thousands of jobs. If you don't have a six figure tech job in Dublin, you might believe your wallet is relatively light, but it's a whole of a lot heavier than it would be otherwise.

[@catterpitter]

He makes a point though, for all the wealth in the country. Many of the citizens are not wealthy and will never ever feel the benefit of the growing economy.

[@demannuresu2378]

​@@catterpitter Wealth of common citizen is better described as accessibility of goods and services. Growing economy often too affects such things, so saying "never ever" is bit unnecessarily extreme and doesn't reflect overall truth.

[@OhadLutzky]

It probably does though; being in a rich country mostly means that everything around you is getting expensive.

[@demannuresu2378]

@@OhadLutzky Relative to what?

[@mickey811]

Estranged mother is not quite the wording I'd use when describing the Brits. Top class video though

[@magnificentsven1694]

Yeah that ticked me off a bit!

[@ridgeshepherd4746]

I thought he said brother

[@lurkag2672]

Irish-American here but even I could tell you that's an incredibly undiplomatic thing to say.

[@dojokonojo]

Toxic abusive ex from a shotgun wedding

[@lmaozedong2259]

Aussie perspective

[@jawjuk]

"No, no, Dougal; that money was just resting in my account!"

[@Thefastestguninthewest]

A man of culture I see

[@aronmcmanus6765]

HA

[@owen2002]

Legend

[@GToMaster]

Huzzah! A man of quality!

[@precision2190]

Best comment ever

[@drPapperNet]

English speaking country + low cost of energy + low taxes + inside eurozone = Tech Giants go brrrrrr

[@Tuppoo94]

Double Irish With a Dutch Sandwich

[@warbler1984]

@@Tuppoo94 which doesnt exist anymore...

[@drrtfm]

"English speaking country ..." Ahhh, yes. The ultimate victory of the English over the Irish ... (Oh, sh!t; did I just restart a long-standing feud?)

[@drrtfm]

@@warbler1984 True, but that is the bit that the video overlooked and the reason why in spite of everything said in the video, Ireland (and the EU in general) are likely to decline relative to elsewhere. A double Irish with a Dutch Sandwich can be implemented with other countries, and there are more than a few English-speaking nations happy to oblige. Also, the "centrally located" aspect only matters for air traffic; for shipping, Singapore (to pick a random example) is as good as Ireland.

[@verbalwound5874]

What English

[@economicsinaction]

"2020" and "growing economy" just doesn't seem right

[@dimtiartachev1573]

well when alot of banks move part of their money to the country becose of brexit so they still have access to eu markets its seems right

[@EconomicsExplained]

haha does not compute

[@alenygam6048]

*stack overflow*

[@mrleafbeef634]

@@dimtiartachev1573 central banking should be illegal. Very very evil.

[@ma.s2386]

Well it isn't www.imf.org/external/datamapper/NGDP_RPCH@WEO/OEMDC/ADVEC/WEOWORLD?year=2020

[@angusmeade7247]

I gotta tell you, it's a weird feeling being able to see your house in an Economics Explained video.

[@kaykher]

Grand Canal Dock resident?

[@owen2002]

Which house?

[@adamlipsky8010]

I saw my boat in that video :-)

[@MrSpookyLover]

@@kaykher you must have a salary of 50 to 70k to live in part down there

[@Lazymath007_]

Which house?

[@caezar55]

As an Irish person with a Masters degree in Economics, let me have my two cents: 1) Ireland is indeed a rich country, and far, far better off than it was 30 years ago. But GDP does flatter this artificially by at least 20%. However even if we take 20% off Irish GDP, Ireland would still be around the Top 10 richest countries in the World. Minimum and median wages are at the upper end among developed economies, although costs are high especially in Dublin. 2) Very important to distinguish between income and wealth here. Wealth is really an accumulation of excess income over time. Because Ireland has only recently become rich in the last generation, there is a little less obvious wealth, and lot less inherited wealth, than in other long established rich countries like Sweden or Switzerland. But Ireland is catching up there too, rapidly. 2) A lot of this GDP is tied up in Corporate Ireland, for example pharmaceuticals and big tech. So Corporate Ireland is very wealthy. Does that "trickle down" to the average person? I would argue yes it does. Those pharma companies have numerous plants , R&D labs and offices in Ireland. Wages are high and they pay an enormous amount of corporation tax. So we are far better off with them than without them. But their wealth is owned by their shareholders, of course, so their success doesn't directly filter down to the people. We can all buy a share in Apple if we want some of their wealth. In conclusion, the huge increase in Irish incomes over the last 30 years has been remarkable, and a large wave of wealth will follow that. I see bright future over the next 20 years.

[@dellhell8842]

Excellent summary by someone who understands the numbers, the history and the society of Ireland. This comment should be pinned by Economics Explained instead of the magic beans sale he has actually pinned.

[@DublinDan]

The cost of living in Dublin is far too high for the average earner specially when it comes to housing.

[@qjtvaddict]

@@DublinDan at least they don’t have poopers like US cities

[@treehousekohtao]

Masters in economics...cant count to three!?!

[@Daisy-ct3nh]

Not when We owe 250 billíon to parasite bankers with compound interest. We Will be decimated when the scum call in their debts. PUP is costing billions... You May need to swap course.

[@M1985-]

Ever since I spent one semester abroad in Ireland Dublin my whole life has changed. I fell in love with the people, culture and nature. What I have been missing while living 35 years in Germany, I found in Dublin. A sister that I didn’t know I needed. My best friend for 5 years now. If I could, I would move away. Sending love

[@edconway8599]

Our culture is being diluted all the time and the people are becoming more toxic. As regards to culture and people the future isn’t looking good

[@paulcassidy4559]

Please ignore the reply from the other gentleman above me. He seems to want to prove his own theory about people becoming 'more toxic' right. We'll look forward to your next visit! Stay safe.

[@M1985-]

@@edconway8599 I’m sorry you feel that way. But isn’t what you refer to as diluted, more the effects of globalization. And Ireland can benefit from that. Your culture will never be diluted and your people have a shared history, that nobody can take away. Believe me. I was born in Iran and came to Germany as a wee baby.

[@M1985-]

@@paulcassidy4559 That is so lovely of you. Yes, my husband and I can’t wait for our lockdown to end. I can’t wait to fly over again.

[@muskrat477]

@@paulcassidy4559 he's right, multiculturalism leads to a soulless consumerist shithole, a grey blob of people with no defining identity. The plan is to create new "EU citizens" once your identity and culture is gone, it ain't coming back...

[@MadDannyWest]

The answer is always "sort of" when it comes to economics lol

[@w0t3rdog]

Only the sith deals in absolutes.

[@davemurphyNo1]

One factor not mentioned in the video is the ability for companies based in Ireland to attract staff, not just from Ireland, but from throughout Europe who are happy to come to live and work in Ireland, despite the high cost of living. I can only assume it's the craic!

[@wolfthequarrelsome504]

They are happy to work but they're not happy to live. I know plenty who has jobs but couldn't get a place to live and went home.

[@davemurphyNo1]

@@wolfthequarrelsome504 Unfortunately true, especially in Dublin and with little prospect of improvement for at least the next 5 years.

[@wolfthequarrelsome504]

@@davemurphyNo1 Based on what I saw in Cork 3 weeks ago. Nowhere to live in the middle of winter after a hostel closed, half of the individuals went back to their own country. Left jobs, went home. Some managed to get in with friends and a few found rooms....rooms, not apartments or houses. Forget that.

[@stephendoherty8291]

With the UK out of the EU, multinationals can attract skilled foreign workers more easily while the UK tries to pretend it sort of wants you but not your unskilled family. As with most native English speaking nations we also have found it easier not to be skilled in foreign languages, hence the need for imported skills with language skills. Like Australia teaching mandarin with success but not needing it at home

[@toyotaprius79]

It's the housing market

[@Life-ov8pg]

Just stumble upon this channel few hours ago must say this definitely *at least for me* knowledgeable and changed my view point.

[@josephstalin7276]

The last time I was this early I could sneeze and people would say bless you instead of running away

[@holdenmcgroin5003]

Because of Covid, or because you were a soviet dictator?

[@josephstalin7276]

@@holdenmcgroin5003 Covid

[@bcubed72]

...and then you would send those deist counter-revolutionaries off to gulag, right?

[@josephstalin7276]

@@bcubed72 yep

[@Mythhammer]

@Karl Marx There is some dirty Lenin in that... ^^

[@alexpotts6520]

Basically, their welcoming attitude towards the tech giants paid off in a year where circumstances forced people to live their lives online even more than they were already doing.

[@putinsgaytwin4272]

I think it’s also that Ireland’s main industry is pharmaceuticals. Ireland makes 50% of the world’s ventilators and I believe has the one of the words highest standards for medical education. Also there are more pharmacies than pubs in Ireland. There are about 10 within a 5 minute drive of my house. So I’d say that had something to do with it

[@bcubed72]

I thought it was because they finally caught that friggin' leprechaun!

[@yermanoffthetelly]

Ireland welcomed apple as far back as1980. Microsoft 1985. IBM set up here in 1956, and there are many others with a long history. Ireland was well ahead of the curve on tech companies when it was seen as a quirky obscure niche industry.

[@cros13]

@@putinsgaytwin4272 We also produce 100% of the world's supply of branded Viagra.

[@TheMacz69]

@@cros13 i believe they opened a plant in Puerto rico or somewhere else so ots no lomger all of the worlds supply

[@karlbyrne1111]

This was brilliantly researched. Big Love 💞

[@DaveKavanagh]

Extremely great information, Thanks.

[@The2wanderers]

"Estranged mother?" Interesting script choice. I probably would have gone with "former occupying power," or at least the neutral "neighbour."

[@lawbringer9857]

Neil Carey Just be happy that we mercifully allowed you to become free and never forget we could colonise you anytime we want. 😉

[@simonwiggins8570]

Given that the UK built most of the big towns and cities, populated parts of the country such as Dublin, introduced the English language and ruled the country for hundreds of years I think you can say its somewhat of a 'mother' figure.

[@The2wanderers]

​@@simonwiggins8570 This is, almost word for word, what China apologists say about the occupation of Tibet. Sure we murdered a lot of people, but just look at the results! They should be thanking us.

[@Shlopcakes]

@Free to Choose we were a third world country for a long, long, long precisely because of them. Proseprity in Ireland is a very recent development.

[@KeranKeranos]

@@lawbringer9857 you fought a war and lost

[@tescomealdeals4613]

"The luck of the Irish" actually comes from gold miners in America. The Irish tended to be naturally good at mining gold, as they had centuries to perfect the trade, however, in America back then (and even still now) hated immigrants and particularly the Irish. So because of this, they did not want to recognize that the Irish were skilled, so what is it called when an Irish is good at gold mining, "the luck of the Irish" of course. That's also why gold is so affiliated with it.

[@ststephen8912]

Nah man the luck of the Irish is meant actually suppose to mean unlucky because of our sad past

[@johnhughes5320]

My Irish grandma used it as a bad thing. Nothing lucky about being Irish. “Always one step away from greatness but never great”. like if you think you got lucky well just wait... it’s the luck the Irish

[@tescomealdeals4613]

​@@ststephen8912 The phrase got its genesis in the way I described, that is sorta the meaning some people have taken it now, the majority of the people who say it don't look into it that far. There is a difference between origin and somewhat new meaning, phrases evolve. And most people who say "the luck of the Irish" again, do not mean that, that is just what you think when you hear the phrase. If this was a joke then I will take the honor of r/wooooshing myself.

[@adrianred236]

Yea, Makes sense. The Irish in america in the 19 the century were pretty much viewed like the Mexicans today.

[@kieransavage3835]

Don’t mess with the Irish......Ask the English....

[@Jusangen]

I'm already subscribed, but I liked to make you feel better! Keep it up man! I love your videos and learn a lot each time. Best, from the US.

[@lachlanbegley764]

I got my ATAR (Queensland's uni score) smashed it! Doing economics next year in university! Thanks so much EE.

[@totalrequestlive2003]

Fun fact: Shannon Airport also was the first airport in the world to open a duty free store

[@cros13]

And pioneering duty-free led to an industry running other duty free shopping across the world. Dubai duty-free started as a partnership with Shannon. Abu-Dhabi duty free is still run by Aer Rianta, the shannon duty free operating company.

[@shanelynch7757]

How was that “fact” fun?

[@dochedgehog]

@@shanelynch7757 fun fact irelands is working to supress free speech by working closly with tech companies. they are also waging a silent war with the british in the north of ireland and acting like the victim the whole time. its funny, the irish hate britiain, but the irish are no better

[@shanelynch7757]

Kyle Mason Again , if that’s a fact.... how is it fun?

[@peglor]

@@dochedgehog The Irish in general are very tolerant of the British, even the pig ignorant ones, because we realise that UK history education completely glosses over just how monstrously badly the UK treated the countries it took over by force. If they didn't gloss over this stuff, the jingoist stupidity that characterises most of the UK's recent government decisions and their population's voting behaviour wouldn't have such massive traction. None of the people alive now in the UK had anything to do with the decisions made when Ireland was being forcefully taken over, so there's very little hate for people from the UK in Ireland (That aren't lager louts on a stag night in Temple Bar anyway, but they aren't exactly popular in the UK either). Large chunks of the UK house of lords could trace their wealth to resources taken at gunpoint from other countries though. However, some of those who shot unarmed civilians in Northern Ireland while serving are still alive and not seeing any form of punishment for it, but every military has its unstable thugs - they're attracted to the army because it gives them the opportunity to kill people and be paid for it, but I can't brand all of the UK as bad for that, but their government and intelligence services are undoubtedly acting against what most would consider the moral good. That silent war you talk about being waged in northern Ireland had its seeds in the transplanting of mostly Scots protestant farmers to northern Ireland to displace the existing population (Ulster plantation), followed by a set of laws specifically designed to ensure Catholics had no civil rights, followed by a UK government assisted and sometimes directly perpetrated policy of terrorising Catholics who were fighting to live in their own country. After diplomacy had failed many times (The UK talks a great game about honour and their word being their bond, but has no history of ever behaving in any way that wasn't entirely self-serving unless they were the ones at the business end of the gun), the only remaining option was through guerrilla warfare/terrorism. It doesn't excuse the death and destruction (Less than the UK had already perpetrated on the country by orders of magnitude, and about equal to what the British army and the often government assisted unionist paramilitaries perpetrated around the same time, but in the same situation I suspect most people would end up taking the same actions through sheer desperation. Saying the Irish are no better is saying that centuries of making conscious political decisions to take the resources of another country to make your own country rich by force or threat of force are the same as getting insulted when the odd Irish person expresses their disgust at your total ignorance of the magnitude of the historical crimes the UK has committed around the world. There's a very good reason the UK documentary channels are full of WW2 and the industrial revolution, but any mention of the British empire talks about it as if it had always been like that, not about how a load of countries just happened to be under their command and how that might have happened.

[@vihagchaturvedi6172]

New Titile: Economy of Ireland but live chat goes Pog

[@ramkhembram7065]

Gen z gang?

[@waynerobinson6629]

Hey, check this one out too, it’s real!! kzbin.info/www/bejne/Zmitm3WhbdZofck

[@teamwomad7775]

This is such a great video. I was working in a subsidiary of GECAS in the Shannon Free Zone and happy to hear it highlighted :)

[@johannesschamp8037]

Could we have a video looking at the economic case for and against Scottish Independence?

[@StNick119]

And for and against Irish reunification!

[@jintsfan]

@@StNick119 Eire couldn’t afford Northern Ireland. Or is that wouldn’t want to.

[@jintsfan]

Why not ask the SNP ? Or ask yourself why the party with most to gain from separation has yet to put a financial \ economic case for separation together.

[@nikvee6330]

You've made me interested in economics and business, thanks for yet another amazing video!

[@eltel104]

As an Irish Fan of this channel, I thought this was an excellent video to explain Ireland's economy 🇮🇪 2 things I would highlight/ worth mentioning to gain a better understanding of life in Ireland: 1. A major issue in Ireland is that our healthcare system is an absolute shambles (trust me, I work in it). Its a bastardised, sort of public and also sort of private system, with neither really working efficiently. The public system is huge and inefficient with free to access but insane waiting lists (In some cases, it's 2+ years for young children to access disability services), but then the private system, while quicker, can be incredibly expensive and also has waiting lists. The workers themselves are excellent and very well trained, but they are under-staffed and often under resourced. Nurses are constantly striking, healthcare workers have high levels of mental health leave due to work-related stess and a lot of young doctors and nurses are now going abroad for better work conditions, pay etc. This issue is probably not reflected in economic metrics but hugely affects quality of life here - Housing and access to housing is another massive issue in Ireland. Homelessness and rent prices are at record highs, housing prices are inflating to '08 financial crash levels and its almost impossible for single people to buy or rent a home by themselves without coming from a wealthy family or working in a high earning tech/ financial services job. A left wing populist party, Sinn Fein, were outcasts in Irish politics for decades, largely due to links to the IRA (They argue not, but everyone knows they historically have strong ties and middle/ upper class people in the South of Ireland didn't want to know about it for years). Now, they are the most popular political party in the country and would have won the last election easily if they had ran enough candidates (they didn't even see the rise in popularity coming themselves). There are other factors, however this 2 speed economy and access to housing are by far the main reasons for their unprecedented rise. Ireland is a great country in so many ways and people can moan a lot when they dont know how good we have it. But at the same time, if you started pointing out to an Irish person how well their economy is doing, these are the first 2 things they will aggressively fire back at you!!

[@christopherdickinson9265]

We have customers over in Ireland, great place love going there. Your comments particularly on rental values are extending to commercial property too, Dublin rents are just...ridiculous. So much so that a lot of business seems to be moving to Cork?

[@eltel104]

@@christopherdickinson9265 Ireland is a great country in so many ways and, having lived elsewhere, I'm very happy right where I am. As I said, I work in healthcare and wont pretend to be an economist or expert! Off hand, I don't know of any businesses that have moved directly from Dublin to Cork for housing prices for staff/ cost. Cork is pretty built up, has a lot of industry and is well to-do already, but would be small for a second city by European standards and probably wouldn't have the infrastructure or resources you'd see in Dublin. A bit like all the tech companies settling in silicon valley that EE talked about in other videos. In general though, it would be great if Ireland could decentralise its economy from Dublin. An issue I didn't mention before is public transport in Ireland is very poor compared to other European countries. Its not great in and around Dublin and is nearly Nonexistent after you leave County Dublin (of 32 counties, this is the second smallest too!) . This has led to the decline of many different aspects of rural life in Ireland (particularly the West) and increasingly more demand for housing in Dublin and its surrounding suburbs. I live in a commuter town 25 mins from Dublin with no traffic and it takes my partner up to 2 hours every morning to drive to work. Our Town has tripled its population since 1990 and is running out of schools and community healthcare facilities. And still there's new housing estates shooting up every few weeks here! Traditional working class communities in Dublin are being badly gentrified and you can really see that 2 speed economy in these areas. In Stoneybatter or Kilmainham, you see Old council flats on one side of the street, beautiful new luxury apartments on the other. If rail networks were better and companies were allowing staff work from home 2-3 days week, you would hope this would reduce the need to live as close to Dublin and improve housing demand in the area. But as an almost 30s public sector worker from a middle class background who is currently looking to buy first home with my girlfriend, it is a nightmare. Prices keep rising in the town and houses are going for 20-30% more than asking price in bidding wars😫 And we are 5-10 years ahead of our friends who all still live with their parents with no real savings. This issue is even worse in working class communities too I don't know what the answers are to housing crisis. But working to decentralise the economy from Dublin and building more housing seems to be needed

[@limerick5931]

@@Michael.n17 Sinn Fein are a populist party and certainly will not provide any solutions. They are anti business (high tax, anti bank, pro regulations, no consistent policy on EU membership etc etc) and they might give foreign companies a reason to leave Ireland.

[@Daisy-ct3nh]

Mass immigration is the problem

[@lastfirst8005]

Ok pal we don't know how good we have it ? Really! A study has found that 65 % of Irish people cannot afford to heat their homes!

[@czechmeoutbabe1997]

“Estranged mother” lol. I consider myself British and even I know that’s... downright insulting. Sorry lads.

[@czechmeoutbabe1997]

Abusive stepdad maybe

[@owen2002]

@@czechmeoutbabe1997 The irish dont like the british fyi

[@clancywiggam]

Creepy Uncle.

[@czechmeoutbabe1997]

@@owen2002 really? It’s almost like that’s the point of my comment! For good reason too

[@liamnagle6060]

Fair play. Unlike most brits you know what happened 😂

[@dylan2785]

The UK is not Ireland's "mother" country, pretty ignorant statement

[@thenextshenanigantownandth4393]

insensitive maybe, who cares about England now? they're irrelevant.

[@jackiechan8840]

Can you repeat that in Gaelic?

[@dylan2785]

@@jackiechan8840 no because that language was repressed for generations and is functionally dead. Hope that helps

[@shane4428]

@@jackiechan8840 An bhfuil cead agam dul amach go dtí an leithreas? Lol

[@leoesharkey1]

Yes, it is disgustingly patronising, and historically inaccurate...

[@brokenrecord3095]

2.14 Ireland's "estranged mother"? You mean Britain? Wow, don't go round telling Irish people that....

[@flakeytown5561]

^^^^^^^^^^^^^^^^^

[@jamescanjuggle]

Yeah not a good shout, things up north are still a bit twitchy

[@WillayG]

Yea. It struck a bit of a nerve but I'm lettin it go

[@blueucloud5431]

Lol more like abusive step mother

[@tamonk9054]

we gave those teabags their name, if any thing we're their mother

[@Johndoe10007]

I’m 50 years old and born and lived my whole life in Belfast Northern Ireland a Uk 🇬🇧 duristiction . It’s a 2 hour drive from dublin ( I also have a 2nd home in county Donegal-which is in Ireland 🇮🇪 . When I grew up it was Ireland 🇮🇪 that seemed poor compared to us in the north despite the troubles conflict we had . Now and for at least 20 everything has flipped the other direction .. we in in the north feel like the less well off relative to the Republic of Ireland 🇮🇪 south of the border ... the affluence in the towns and the cites in the south especially dublin is unbelievable. There is just so much more about in most places and you can see it in the many many affluent streets in the towns and villages . To me the south is a far better place to be because of it . The people that I typical know who are normal working people in the south travel to the faraway flung places around the world 🌎 and are living a good life ..... this is great 👍 and well done Ireland 🇮🇪 a country unrecognisable from 2 decades ago

[@lastfirst8005]

Nell you are as Irish as me as you are from Ireland and regardless of the past 99% of Irish people in the South have no problem with anyone in Northern Ireland. The conflict in our country's was not off are making and the sooner we have this resolved the better for the people who live in Ireland. All the best 👍.

[@mylesfleming5208]

A lovely comment Neil.

[@MarI-Posa]

Advantages of being an EU tax haven for multinationals. Biden is changing his beloved Ireland's advantages

[@noelward9579]

@@MarI-Posa The OECD has announced that companies in Ireland do pay 12% tax, so NOT a tax haven then.

[@CollieJenn]

Thank you.

[@PaulTheIrishPainter]

Brilliant video!

[@jackrudd4381]

I lived in Ireland for 19 yrs and what i can say is that the living standard for working class minimum wage workers is rough, i know so many people who cant afford to live away from their parents, prices for rent arent regulated well enough, i have friends that are living paycheck to paycheck because of these rent prices and its just horrible tbh, its causing many people including myself to just leave the country they love

[@ASK-ko9qx]

"Well" that's a very smart explanation

[@madzhacker1989]

Add A between that's and very

[@winterfa1165]

Indeed

[@skipperhun7580]

POGGERS! Quality video by the way, thanks you for making these.

[@EconomicsExplained]

My pleasure!

[@seanfarrell5341]

Good vid, all the best from Ireland

[@eniolababajidelawon1699]

A very useful video

[@darraghcollins4961]

You finally did it!!!!!!!!!!!!!! Thank you so much!!!!!

[@financegrowthjourney9002]

Thanks for yet another thought-provoking video! I think a great point is about the tax effects on moving money and assets out of the country. Most people have heard or known about the classic irish tax loophole, and assume that it benefits Ireland directly. It's interesting to hear about the careful balance the irish government needs to ensure companies have confidence in the stability of their tax-free haven whilst also boosting investment into the local economy using those funds. Very much a total=margin*volume, where Ireland have really looked at the volume of funds and I think this has an interesting mirror story to the current wealth tax being talked about by many to fund the covid-19 pandemic.

[@saadeddin5714]

Thank you thes video

[@dateway4668]

i've just found this video - wow simplistic explanations yet right on point. who would have thought an Australian speaking slowly makes incredible sense

[@economicsexplained3938]

Thanks for commenting Write to my manager Regarding making millions in Crypto +1.2.0.6.8.5.5.5.8.8.4 Do well to let him know I referred you to him

[@talideon]

Just a quick note: "the luck of the Irish" means "bad luck".

[@TheMacz69]

Historically speaking yes, but the last 30 years have seen a fairly decent change in direction on that one

[@snare5903]

The phrase did start as a racial slur

[@DrLongWang]

Cap

[@michaelmboya5085]

I thought it meant good luck

[@cristianvillanueva8782]

@@snare5903 oof

[@MicrophoneLion]

“This is [insert country name]” -every EE intro

[@EconomicsExplained]

Gotta keep that branding consistent

[@CornishCreamtea07]

Also "Is this a good thing, well yes and no"

[@honeycomblord9384]

It's like how Tom Scott always starts off with "I'm standing here at (insert place here)"

[@amyth260]

Thiissss

[@nemanja228]

I miss the blatantly wrong stock footage shown in the few videos in the past during this sentence, it was fun (:

[@mateuszkajdan8912]

Hi, are you planning on putting the previous nations on the leaderboard that were discussed before the leaderboard existed? Great video btw, keep up the good work!

[@gloin10]

Given that more than 50% of Irish exports go to the EU, membership of the euro is no disadvantage at all. Given the size of our economy, being part of the euro is no disadvantage either. From 1922 until 1979, we had an effective currency union with the UK. We were in lockstep with sterling. That meant that we had NO control over interest rates, nor could we devalue to gain competitive advantage. We only had a free-floating Irish currency(the Irish pound, or PUNT) between 1979, when we broke the link with sterling, and 1999, when we joined the euro.

[@user-hm4cd8eh1i]

12 to 14 percent interest was considered normal in the 80,s and early 90,s since we joined euro it is about 2 to 3 percent still high by European standards but this was the stage the Irish economic began to grow in real terms.

[@gloin10]

@@user-hm4cd8eh1i The Irish economy began to takeoff, in real terms, in the mid to late 1990s... Mind you, that was the result of more than twenty years of investing EEC/EC/EU money into education and infrastructure, encouraging the inward flow of Foreign Direct Investment(FDI), and implementing the Tallaght Strategy and the Social Partnership model in pay and industrial relations...

[@bkeegan9334]

A total disavantage having the Germans your interest ratea

[@AYVYN]

Yeah, I’m figuring all of this out. Thankfully, rates were kept the same during the last meeting. One more thing to worry about.

[@ciangargan]

You finally made it. Thank you 😊

[@EconomicsExplained]

Hope you like it!

[@megamind1359]

There was an economist sometime before the great depression who had the idea to make banknotes that would go down in value from date of printing this was used to dramatically increase the velocity of money it was at least experimentally successful in a few small German towns I was wondering if you could do a video on this and how things would be affected if the volume of money were not increased but the velocity of the money was substantially.

[@raymondmurphy9593]

Very good!

[@michaelcleere1416]

Good video,very well put together,I could definitely think of worst places to live

[@jackybuzz]

Want to see the revised HK score on the leaderboard.

[@Homer-OJ-Simpson]

CCP would like to know your location

[@Homer-OJ-Simpson]

@Karl Marx CCP is the common form in the west...but since your a communist, I’ll use CPC

[@Homer-OJ-Simpson]

@@Wohlfe it won’t shake out well, that’s for sure. Hong Kong is having its democracy stripped away and the city will be destroyed as people leave

[@brightmong7290]

@Karl Marx CPC?

[@brightmong7290]

@Karl Marx No, like literally what does it stand for?

[@vrnjoshi1]

Finally a video about my host country❤️💪 Well explained!

[@moltenlava1877]

"This is iLand More specifically Republic of iLand"

[@chrismcgivney9999]

I was so confused when he said the "island of island" hahaha

[@whymustisignin4this]

Very good brief economic history of the Republic. One thing I would point out though is that the rising house prices are not the fault of FDI, they are the fault of a poorly regulated housing market. Also while the GDP per capita is ~€80K, the average full-time salary per year is ~€50K and over 60% of people earn less than this. GDP, because of the level of FDI, is a very poor indicator of the wealth of the population here. There are rich people here, and a lot of comfortably well-off but there's also plenty who are struggling to get by because of the high cost of housing - and prices are rising. All that said, Ireland is a great country to live in - and to do business in (I've been told at least) - thank you for the positive video.

[@pac1fic055]

Every Irish I’ve met has been OK in my book. Congrats Ireland!

[@LeMerch]

That's obviously because you must be a lovely person!

[@pac1fic055]

@@LeMerch - 🙏

[@pac1fic055]

@@jcronin3155 - many times. Talented, hardworking and fun people.

[@pac1fic055]

@@jcronin3155 only 5+ years 😂

[@Irish780]

@@jcronin3155 will you shut up you drunk insulting a lovely person

[@firestorm165]

Great vid mate. Any chance of doing one on the Czech Republic? I'm planning on moving there and want all the intel I can get my hands on

[@helphelp7]

Great video. Would love to see a follow up to see how Ireland finished in 2020, especially considering the impact of the pandemic locally and globally.

[@Makingblah71]

Fucked. No more houses left, government refuses to do anything meaningful about it. I have been forced to buy a van and start living in it even though I'm earning 42k per year before tax. We still have about 60% of our population living in fairly acceptable accommodation but it's heavily skewed towards those 40 and older. The next 25% is on the brink of poverty and the next 15% are actually in poverty. We're very quickly going down the route of the USA.

[@drewacabu8376]

now this video taught me the reason why economic zones in our place are located just at the "backyard" of an international airport..... it makes sense to me now

[@allisterjones]

new economics explained video so pog

[@putinsgaytwin4272]

Dublin is a two hour drive form Belfast. Yet, house prices are 450% higher in Dublin than Belfast.

[@MaiDay01]

Different country under different government mate.

[@majorapollo1949]

And a totally different culture

[@MaiDay01]

@Diarmaid O'Riordan not if your in healthcare 😔 . Moved to London instead. Still rubbish.

[@MaiDay01]

@Diarmaid O'Riordan Finally someone who understands. Happy Christmas to you too 😊

[@limerick5931]

Who wants to live in Belfast? The UK destroyed Northern Ireland.

[@victorzsasz5284]

Very good video

[@zemanel1284]

Do one about Portugal!! if you get the chance! love your videos

[@Quickonomics]

Not gonna lie, *raising all kinds of money* sounds like the best strategy for economic success ever... :D

[@drrtfm]

Ask the Spanish how well that strategy worked out.

[@Invizive]

@@drrtfm they diverted from it though

[@drrtfm]

@@Invizive I'm not sure what you mean by your reply. I was referring to the height of the Spanish empire when they basically shipped gold and silver from the Americas to Spain. Since it didn't produce any actual economic growth (as in, there was no actual industry increase), it was basically a long-term disaster for their economy. The value of an economic is its productive capacity, not the amount of money flowing into it.

[@GonTar_X]

I fall in love everytime listening and paying attention to your videos everytime, thanks for everything! BTW Would Love to see an Argentina Country Economics video someday -I got the 2ºnd Comment!

[@EconomicsExplained]

Argentina has so much going on it is taking a very long time to research. We will have it done soon (hopefully)

[@dazzlebreak4458]

@@EconomicsExplained I hope the gauchos won't go bankrupt again till then. If I may, even more ideas for country videos: 1. Poland - biggest economy in EU - Eastern Europe 2. Slovenia - richest economy in EU - Eastern Europe 3. Finland - from woodcutting to Nokia 4. Turkey - one of the fastest growing economies in the world a few years ago; all in all, a pretty unique country 5. Chile - copper and earthquakes 6. New Zealand Keep up the good work, mate!

[@manufootballer15]

As someone who lives in Ireland, I would pay money to see you describe the Brits as “Ireland’s estranged mother” to any Irishman… That would be a show

[@mrcool2107]

And Ireland is Britain's messed up daughter

[@peterflanagan5901]

Planters

[@majorapollo1949]

Great video and a great explanation. As I drive around Ireland the wealth of the country is obvious compared to what it was 20 years ago when I did the same. Clever foundations were laid for this many years ago and credit to that foresight.

[@limerick5931]

Yes indeed. The foundations for Ireland’s success were laid in the 1960s when the government.., 1. opened up the economy to foreign investment 2. Introduced free 2nd level education. It took until the 1990s for the benefits to be seen.

[@toyotaprius79]

Wealth inequality is what you see

[@derekdempsey8506]

Yes the foundations were laid yet those who come her say were lazy n don't want t to work ect...Read more

[@AlexGogan]

Well done, balanced as always!

[@EconomicsExplained]

Thank you kindly! Glad you enjoyed

[@AlexGogan]

@@EconomicsExplained >;¬} missed the video with my name on it

[@integ3r]

Rank Poland pls? The large emigration has boosted it quite a lot, lower cost of living, high influx of cash from expat remittance and houses europes largest producer of EuroJank.

[@leealex24]

Amazing story of Ireland, and their gdp per capita is still very high today! Kindda reminds me a bit about Singapore model.

[@Robert89349]

How on earth is Britain Ireland's enstranged mother?

[@aaronmcguinness9631]

britain developed ireland into what it is today. We may not like to admit it but it is the utter truth

[@jackdeegan3617]

@@aaronmcguinness9631 No it did not. Ireland was a third world country until we joined the EEC. There's been massive change in Ireland in just 47 years.

[@aaronmcguinness9631]

@jack deegan Britain spread their common law and customs as well as the english language and farming techniques, forming a somewhat recognizable society today.

[@jackdeegan3617]

@@aaronmcguinness9631 Where did the common law come from

[@genghisthegreat2034]

@@aaronmcguinness9631 , the Common Law in Ireland didn't work so well before 1922.

[@diarmuidfaherty9458]

A quality breakdown, balanced and reasonable.

[@EconomicsExplained]

Thanks mate, glad you enjoyed :)

[@ezmodey1105]

As all things should be...

[@mirzaahmed6589]

1 hour ago? The premiere just ended.

[@tescomealdeals4613]

@@mirzaahmed6589 maybe he is Thanos, after all, he likes the video because it is balanced, after all he also has the time stone

[@waynerobinson6629]

Hey, check this one out too, it’s real!! kzbin.info/www/bejne/Zmitm3WhbdZofck

[@ihavenomouthandimusttype9729]

Large companies: How ever do we get into Europe now? The Irish: Psst...

[@queenapryllm8454]

Thank you for mentioning us; love from Ireland. I'm quite amazed was one a few countries made money during a pandemic. It has issues ( high tax and debts high cost of housing )but it's doing well

[@tomyt2083]

Too much immigration into the country, where are all the migrants gonna go, straight into native irish peoples homes which is paid for by the high taxes of the natives

[@to564bnyt]

Announced yesterday that Ireland will be half a trillion in debt by years end. Corporations and pharma are doing well, Ireland as in the irish people are not. 22% of the population are unemployed! GDP figures are skewed

[@tomyt2083]

@@to564bnyt kzbin.info/www/bejne/iHzcpnahrrKJmrM I cant blame younger people for feeling trapped, the politicians have completely stripped Ireland of almost everything that our ancestors fought and died for Only now with the way the politicians are behaving like Medical Nazis does the population now realise, the EU and the Dail is not there for their benefit. Fought the British to perhaps get an even worse dictator in the end

[@Modestasgailius]

@@to564bnyt Irelands debt to its GDP is like 59% much better than the rest of Europe

[@loulou2817]

@@to564bnyt Irelands rate of unemployment is 6.4%. The figure your quote of 22% was furlough.

[@SledgerFromTDS.]

Great Video by Economics Explained to Say, Theres other Videos that you can make.

[@nananananananananana1926]

2:09 "Their estranged mother" Oh my god xD

[@internetman7172]

Maybe one day we'll get a taste of that sweet gdp. But we have to deal with the bigger problem of getting the pubs back to normal first

[@Hannib4lBarca]

Affordable housing also please!

[@P3RF3CTD3ATH]

You are getting it though. Every time you ask the government to spend more or tax more and it does without your standard of living going down, you're tasting that sweet GDP.

[@freeideas]

That GDP is just temporarily resting in Father Ted's account.

[@geoffreyraleigh1674]

I never hear anything good when I listen to Irish news and this is something that should be better disseminated through our media. Thanks for the thumbs up from Oirland!

[@brianramirez3526]

Shooting a dart and hoping it sticks here, but will you be doing a EE segment on El Salvador or any other Central American countries?

[@niallosullivan8001]

West Clare land-owner got a big job in the US recently enough too.

[@matthewmatthew638]

Note: GECAS is just one of the many A/C "rental" leasing firms HQed in Ireland/Dublin, with little exceptions, A/C leasing firms all have offices in Ireland due to the business environment and favorable tax structure. It's a significant finance sector for Ireland with combined managed AUM in easily in the hundreds of billions in planes alone.

[@ads2686]

And GECAS & Ireland are gonna get burned with Russia effectively stealing their leased planes...

[@EloquentTroll]

Estranged mother is a terrible analogy! It's more like their abusive ex.

[@rome316ae3]

No . UK is dad

[@AtoZDesign]

Maybe narcissistic, non consensual, adoptive parent might fit better

[@rome316ae3]

@@AtoZDesign maybe a good dad teaching his lazy red head son how to respect others

[@EloquentTroll]

@@AtoZDesign I accept this compromise

[@anthon3919]

@@rome316ae3 u trolling

[@timlinator]

As an Irish man living in San Francisco working tech I agree with the comparisons between Dublin and San Francisco. Double edge sword with tech. Good pay jobs but housing very expensive.

[@tekelarcher2913]

Legend has it, Mr Austila man is hiding from lizard people.

[@EconomicsExplained]

shhhh

[@jai-kk5uu]

Lizard people and their cover ups, I didn't even know austila existed

[@zombieat]

ireland 1980: $24B ireland 2019: $398B that's 1761% growth or x19 in 39 years. wow!

[@RealConstructor]

That’s what EU does to countries if they join.

[@n124ac9]

18-fold growth

[@zombieat]

@@RealConstructor didn't work out for greece though did it?

[@RealConstructor]

@@zombieat Not in the same order as Ireland, but hardly any country could do so excellent, including the UK. Greece 1980: €100B, Greece 2008: €242B, Greece 2019: €187B. So it more than doubled in 28 years and then declined during the debts and euro crises, because Greece did not reform their economy from the start of joining the Euro, that was a mistake they payed heavily for. But even in this covid crises, they managed to almost pay their IMF loans back. Only the EU loans are still a burden. All in all a growth of 87% in 40 years, that’s just more than 2% a year. Not bad, but could have been better if they had reformed their economy though.

[@zombieat]

@@RealConstructor so i'd say ireland's success is independent from the eu. since some countries succeeded and others failed regardless of eu membership. but i get that eu helped for companies that wanted to be in the euromarket but without the high taxes and regulations.

[@Nina-oo8eo]

I never lived in Ireland but by every statistic you seem to live very well high purchasing power and all that, I think you need a social housing project like in Copenhagen, more vertical housing

[@dibble2005]

As an Irishman living in Ireland I can categorically state the 'a rising tide has not by any means, raised all boats'. This country has a housing crisis a health crisis and increasing poverty levels. GDP does nothing to show this and in fact hides it. Look at Irelands GNP then you will see how big business inflates Irish stats beyond realistic levels.

[@tomyt2083]

And thats before we could go into the new powers the irish state has granted itself to dictate how citizens live their lives through this covid scamdemic, police can now demand you to hand over your phone password to check your phone, if you don,t comply you,ll get a 30,000 euro fine and possibly go to prison What has happened to Ireland

[@taintabird23]

Catagorically, you say? I live in Ireland and I can tell you that the rising tide has indeed raised all boats. If the tide goes out it would certainly lower ALL boats. The housing crisis has nothing to do economy, and everything to do with government housing policy. Ireland built 5,000 houses a year in the 1930s, in the middle of an Economic war with Britain - there is no reason why Ireland cannot do that now except for government policy. The Health Crisis....are you referring to the pandemic? I am unaware of increasing poverty levels and in any case, every country measures poverty rates differently. It is true that GNP inflates Irish economic stats, but Irelands 'real' economy has done better than most since 2013.

[@CollieJenn]

Its easy to find fault from afar.

[@Sinkpooper69]

@@CollieJenn hardly from afar if he lives there

[@valerieoshaughnessy8375]

@@taintabird23 in reference to Health Crisis, we have a Silent looming Health Crisis of unprecedented proportion. According to an ERSI 2013 Report currently today in Ireland 1 in 4, or 25% of children have a Neurodevelopmental Disability. And according to a recently published UK Government Report on School age children in Northern Ireland 4.2% have Autism. Fact. And as the saying goes . . . HEALTH is WEALTH. How completely misguided we have become as a Nation.

[@Televisionman4lyf]

ireland has been fudged since for ever. Angela's ashes is a movie that depicts miserable Irish life kind well for what I understand lasted pretty long..... This is incredible some of my favorite people I have ever met in the world finally getting that one up they fought so hard to get. I love yall irish folk. BIG LOVE FROM THE US KEEP GROWING!

[@369jones6]

Great in-depth detailed video. Something Irish media is distinctly lacking. Thank you.

[@wesleyvirgin3901]

Be careful only my W h a t s a p p m e [phone].

[@peteymax]

¿What do you mean?

[@derekdempsey8506]

​@Petey Max the media here spends its hole time talking about climate change n road safety ect

[@JoshBate]

Would you please consider doing a video about New Zealand? Thanks!

[@scrot1856]

If you're going to talk about Ireland's (basically Dublin's) economy, you have to mention the housing crisis -- Dublin has the most expensive housing in the eurozone, yet it's the size of a large town. If you've lived in Dublin you'll also know that the "research and development" jobs that tech companies bring often go to highly educated Americans or Europeans. Ireland's tiny population doesn't produce that many tech developers. Finally, you mustn't overlook the fact that so much of Dublin's workforce is made up of Brazilians on student visas living and working in terrible conditions, while their meagre earnings are milked by compulsory English language courses. English schools are everywhere in Dublin and they're worth mentioning alongside Silicon Docks as a significant part of the economy.

[@taintabird23]

Regarding the Irish housing crisis, the World Bank say the following: 'Greece, Bulgaria, Denmark, Germany, Romania and the United Kingdom are the countries where families are the most overburdened by the cost of housing, while those in Malta, Cyprus, Finland, Ireland, Estonia and France were best off within the EU'. Ireland's population may be small, but in a European context is is hardly tiny: it is comparable with Denmark or Finland while Malta, Slovenia, Croatia, Cyprus, Estonia, Latvia, Lithuania, and Luxembourg all have smaller populations. Ireland uses the EUs Freedom of Movement to present investors with whole of the EU as a labour pool. Ireland produces plenty of techs, but not enough to meet the level of investment coming into the country. As for English language students, about 78% come from the EU, mainly from France, Spain and Italy. The main non EU countries of origin are Brazil, Japan and Korea - about 18,000 in total. It is true that English language schools are increasing in importance in the Irish economy, but they are in every large town and city in Ireland, not just Dublin.

[@scrot1856]

​@@taintabird23 I should've been more specific about the housing crisis: I'm talking about rent. In the same year as that World Bank study, Dublin was the fifth most expensive place to rent an apartment in Europe: www.statista.com/statistics/503274/average-rental-cost-apartment-europe/ more recently: www.rte.ie/news/dublin/2021/0126/1192005-property-study-apartments/ I've seen Dublin top other lists for rent. I suspect the reason that the World Bank considers Ireland a place of affordable housing is because it's judging the country as a whole. Houses in rural Ireland are as cheap as chips, especially if you compare an equivalent rural area in England. Populations out in the country have been rapidly declining and the country is massively unbalanced. Perhaps the World Bank stats are also only taking into account citizens and adjusting for wages? Some wages are higher in Dublin to compensate for the inflated rent, but not for a non-EU student working under the 20hrs a week limit on minimum wage, sharing a room with four others. Which brings me to the point that the "78% EU students" statistic is misleading -- these are often schoolkids doing a short course for a few weeks before they return home -- they're consequently overrepresented in the stats. Those students have a very different impact on the country compared to the Brazilians who stay in Dublin for years and work essential jobs. The point about Ireland drawing on the EU labour pool supports what I was saying: tech companies bring highly-skilled jobs, but not necessarily for the Irish. Tech companies can instead turn to highly educated, highly mobile people from the EU, or an American techie on a sponsored visa from the same company he worked for in California.

[@ep4423]

Hopefully remote working can repopulate the rural areas and tbh its not just Brazilians there's many nationalities here on student visas from Asia and European countries not in the EU like Ukraine and Bosnia etc.

[@scotte6778]

I’d disagree with the “basically Dublin’s” economy. A lot of foreign investment is located outside Dublin. Such as Apple and Pfizer in cork. Aswell as Galway’s medtech hub and intel in Kildare. Irelands economy is definitely not just Dublin!

[@johnbitrum8234]

Not leaving the EU helps.

[@aljack1979]

They will in time when Brussels wants them to contribute more to EU coffers.

[@adammartin7007]

@@aljack1979 That's already started. Nobody wants to leave.

[@pairedgalaxy2163]

As 1 of those 5million makes me proud 🇮🇪 🇮🇪 🇮🇪 love your vids btw

[@joshuakalejaiye5804]

National Leaderboard is a genius move lol. Good channel

[@abarbar06]

I'd love a video from you about the economics of a land value tax

[@eboyjim]

This is the fairest and most well reasoned video on Ireland's economy I've ever seen. So often people just say "Durrr it's because tax durrr" but you really explained why exactly Ireland is so successful as well as pointing out some of its drawbacks. The HDI numbers don't lie. But the GDP certainly skews things.

[@akshatgarg6635]

Would love to see a video on india and the recent privatisation of the farming in the country. A hot topic right now it is

[@akshatgarg6635]

However don't rate indian economy as a whole yet. It is too dynamic right now especially after the 2020 thing so the score would be highly variable with time

[@kalinsapotato]

3:35 that Old School Runescape cash stack.

[@oteragard8077]

3:35 HEY! I saw that RuneScape money stack

[@chithicc7614]

I would like a EE rating on Turkey

[@markog1999]

It is insanely weird seeing my home town in one of these videos.

[@tanjagoodall1768]

I love the way these podcasts begin positively, and then the BUT .... the UK is below average without its dozens of off shore tax avoidance havens like Bermuda, Bahamas, Virgin Islands or Montserrat for example. Ireland sits between the USA and Europe, speaks English and through its history is very comfortable dealing with North Americans and its EU Colleagues.