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Irelands boom and bust (Boom (Houses and infrastructure built up rapidly,…
Irelands boom and bust
Boom
Houses and infrastructure built up rapidly
Employment rates very high
Called the Celtic Tiger
Very high inflation
Lots of new businesses
Bust
Very high unemployment rates
Banks could not afford to pay back money
Called the Recession
Lots of businesses failed
Lots of people left the country
Reasons for the Recession
Too much money borrowed from banks
More houses built than could be lived in
Very high inflation
Reasons for the Celtic Tiger
People had lots if disposable income
Housing was very cheap to build and could be sold for lots of money
Goods and services were very cheap