What practices have contributed to Irish economic growth over the last 35 years?

Abstract

This study provides a comprehensive analysis of Ireland's economic transformation over the past three decades, applying a mixed methodological approach to assess the key policies and practices that have driven its development. Using theoretical models such as Endogenous Growth Theory and Porter's Diamond Model, it explores how Ireland has managed to attract significant foreign investment and how it has implemented fiscal and educational reforms central to its economic consolidation. The literature review provides a context for understanding Irish economic growth, from periods of stagnation to its recent resilience during the COVID-19 pandemic. The influence of technological innovation and educational policies in strengthening the country's economy is particularly highlighted. Through detailed analysis, a robust correlation between foreign direct investment, fiscal reforms and GDP growth is identified, highlighting the importance of economic adaptability and effective policy support. In addition, the paper discusses the relevance of Irish economic policies as role models, providing valuable lessons for other countries seeking to invigorate their economies through similar strategies. This comprehensive approach not only provides insight into the mechanisms behind Ireland's economic success but also offers perspectives on how to apply these learnings in different national contexts to foster sustainable and robust economic development. In conclusion, this detailed analysis not only highlights the specific policies and practices that have contributed to Ireland's economic success but also provides a theoretical and applied framework that clearly articulates the 'what', 'how' and 'why' behind this success, offering critical insights for economic policymaking in other national contexts.