Is Ireland Really the Wealthiest Country in the World?
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- เผยแพร่เมื่อ 13 มิ.ย. 2024
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According to some analysts, Ireland ranks as one of the richest countries in the world, with a GDP per capita higher than Luxembourg and Switzerland. In fact, its impressive growth in the final quarter of 2022 single-handedly kept the Eurozone out of recession. In this video, we’ll look at Ireland’s impressive GDP figures, how it achieved rapid economic growth, and whether we can actually trust the data.
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1 - en.wikipedia.org/wiki/List_of...
2 - en.wikipedia.org/wiki/List_of...
3 - www.ft.com/content/e1cfecd4-e...
4 - www.ft.com/content/e1cfecd4-e...
5 - www.ft.com/content/e1cfecd4-e...
6 - en.wikipedia.org/wiki/Economi...
7 - data.worldbank.org/indicator/...
8 - en.wikipedia.org/wiki/Celtic_...
9 - www.rte.ie/news/business/2018...
10 - en.wikipedia.org/wiki/Leprech...
11 - www.imf.org/Publications/fand...
12 - www.centralbank.ie/docs/defau...
00:00 Introduction
01:43 Ireland's Economic History
04:15 How did Ireland grow so Fast?
04:53 Can We Trust Ireland's GDP?
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Ireland is a great example on how GDP is a really bad on showing the wealth of a nation abd its people.
Yep, I think GDP is just a big sum of transactions. That really is a really inacurrate way to measure wealth.
DONT BE JEALOUS.....
@@hajayedamir1878 WHY...??
Nah its pretty reliable. Some countries like Hong Kong and Singapore are well know tax havens and figures should be adjusted accordingly.
@@fatboyRAY24 Which is exactly why GDP is not a good measure of wealth. You have to look at stuff like the cost of living, household income, wealth, etc.
I'm an Irish man who lives in the UK. Whenever I go back to Ireland for visits it gets more and more expensive. Its unbelievable. The wages do not cover the cost of living.
Britain is just as expensive as Ireland there was a time when prices in the UK were vastly cheaper than Ireland not anymore are you sure your not equation the pound to euro the euro is only 70 cent compaired to the old Irish punt of 100 pennies.
@@_alienblood Rent is more expensive. But food is vastly cheaper. Vehicle tax is a lot cheaper. If you go up North England you can get a pint of beer for 2£. No where in Ireland can you get a beer even close to that price
@@soldier2297I felt happy to find a pint in Dublin for 5.50 last weekend 😂
Surprising since all companies pay “competitive” salaries
@@yamnayaseed356 if only they actually did 😔
I find it sad that most outsiders perspectives of Ireland is that it's rich, when in reality the people are becoming poorer because the cost of living is out of control
To be fair, the cost of living crisis seems to impact most of Europe too, not just Ireland
@@mix3k818 still, it could be fixed if the government focused on actually helping the people instead of trying to attract huge multinational companies to make the GDP look good
I am living in developing third world country but every time I heard people in the west complaints about how high living cost there I just grateful enough in my 3rd world. Everything is cheaper here and the system still forgiving if you are a poor person.
My only impression of Ireland is Snatch
@@Nintentoad125 no socialism please
I’m originally from the Czech Republic and I moved to Ireland to work as a doctor. I’d seen before my arrival that it’s not really a prosperous country but I had hope the quality of life would be on the rise. What a shock it was - the healthcare sector was in ruins, with no digitalization and massive drain of local doctors, mostly to Australia. And the living standards were pretty low, too. So I came back to the Czech Republic and I’m very happy here. Sometimes one just needs a different perspective. But it’s a shame, the Irish people were great!
Great perspective Doc, I work for the HSE and it is a disaster
Actually the living standards of Irish people are amongst the highest in the world.
It's the public services, like health that are very bad.
This is of course the fault of the Irish people who continue to vote for FF/FG/Greens.
Interesting take. I’ve pretty great living standards here. I supposed everyone see things differently
the health system is fucking awful. our politicians only care about stats but then that's like most countries. Boomers have all the wealth buying houses in the 80s for a few thousand and now renting them out for extortionate money.
I love it here but something is going to give.
@@doithimaceabhard7457 the HSE being a disaster has nothing to do with Irish wealth , it’s to do with its management , over inflated and over paid administration! Does not matter how much money is thrown at it , until it sorts out the farcical management , it won’t change !
The C in celtic is pronounced like a k. The way it's pronounced in this video is how you'd pronounce the football team in Scotland 🤔
it makes me so mad
I thought he was talking about the basketball team in Boston
Its an easy mistake to make though. It actually gave me a bit of a laugh.
The Brit’s are at it again.
Don't refer to the Republic of Ireland as 'Southern Ireland' whatever you do. I did that once and never heard the end of it.
Pre famine population number used of ~8 mil includes all 32 counties of Ireland (RoI and NI), whereas the 2.8 mil number used for the 1960s excludes the 6 Northern Irish counties @ 2:31.
I was wondering about that... Thanks for your comment, it saves me a trip on wikipedia :)
The Irish flag ,colour green white and orange not red
And if that wasn't enough, you can even see a suspicious sharp drop at around 1921 😛
Yes and graph cuts off in the 1990s which is misleading as current population of both parts is around 6.95m. Not quite 8m, but much closer than the graph would make a viewer believe.
That 8m figure is nowadays debated. I can't see how it can be true. Wales has a similar sized population nowadays and people were moving into Wales for mining jobs in Victorian times, so if anything Wales would have had a larger population that what is now RoI. Maybe they counted each and every baby born, even though infant mortality was high.
I don't know about wealthiest but it's god damn expensive
Haven't travelled much of Europe have you?
@@solidus784 I have and Dublin is as expensive as 90% of anywhere else in europe
Second most expensive country in the EU.
@@davidcoverdale722 "is as expensive" kinda my point but anyway
All the jealous little Englanders calling Ireland a tax haven because Brexit Land is sinking economically and reputationally 😂
I believe the word 'Celtic' from 'Celtic Tiger' is pronounced as if it starts with a K. An easy mistake to make. 4:00
Yeah, it's Celtic as in the ancient Celts, not the Scottish football team
Also within Ireland, the Celtic tiger is much more about cocaine, hookers, expensive cars and big houses and everything being paid for with loans, rather than how well the economy was doing
@@Optimise247 don't forget brown envelopes and construction standard that were shall we say lacking
Fun fact: The football team is the correct pronunciation of the word when the club was founded, *”SELTIC”* , as it came from French, eventually, historians wanted it to sound more like the original Greek/Roman word, *“KELTIC”* , so it’s the correct pronunciation now, but the football clubs name is still technically correct.
@@Seanmooney8202 I did forget, you're right, dodgy deals involving brown envelopes passed under the table was a big part of it
If only Our Government were compent and could actually leverage it to get the money into people pockets
how so? Foreign companies only moved to Ireland because it is a tax haven.
They couldn't.
It's just on paper because of the international companies.
@@KaiWut exactly right, if they tried to tax it normally they’d just move the company profits somewhere else to avoid the taxes.
@@KaiWut By actually governing the country by using thus money coming in and investing in our economy, Builing houses ,Having a functioning health system with nurses who are paid right with enough of them and not telling the nurses to fuck off to another country, Stupid regulation that make it hard to build housing. Basically the same income tax rate as the UK but not even a 1/10th of the social services we don't even have a universal health care but we have the taxes for one
They still have some sort of taxation, meaning that they should use that tax moneyvand invest it in ireland, also, by giving jobs in these big companies like apple, ireland needs to invest in engineering and education.
Sorry to point out a flaw, enjoy the show. At around 3:10, the strikes footage from the 1970s show a fella with a Union flag so unlikely to be in ROI and the next clip is of the UWC picket line. The UWC was North of the border as it was the Ulster Workers Council, and they mainly protested over the Sunningdale Agreement between Britain and ROI government.
Don’t be sorry most of that “report” is economically inaccurate too…GDP is overstated but to make as though Apple only books profit for iPhones is misinformation, they employ 6000 high paid jobs and have over 400 Irish suppliers of which I am one…the insinuation was that it’s just a brass plate operation
@@xax8918 Apple has had a base in Cork since 1982 or so.
Well, he's probably English and the English frequently get the ROI, Northern Ireland, Britain, Scotland, England, Wales and the United Kingdom all mixed up. Bless 'em.
what about him showing the italian flag as ireland the whole video
I noticed the "British B/S" right away.
Luckily the Irish educational system is transcendentally superion to the British one so it is easy to spot British B/S if you have a proper (Irish) education.
(Galway City is like a paradise compared to English dumps like Manchester and Leeds.)
Recently visited Dublin. Beautiful city (and expensive) but doesn't feel like the richest capital. A huge huge line of people queuing at food bank doesn't seem to be a sign of a greatly rich country. Definitely not a country with equally distributed wealth.
dublin is many things, but it is definitely not beautiful...
Ireland is the second most efficient country at redistributing wealth through its tax and social system in the OECD it is also the only country in the OECD that has narrowed the wealth divide in the 20 years
laughs in american
Have you been to London??
Had business in the centre of Dublin this week for the first time since covid and it's nothing more than a rotting shithole. Feel sorry sorry for you and any other tourist that has the misfortune of experiencing Dublin.
I did my postgrad in Ireland for the same things. I read about it's high GDP, HDI and all. But when i went to Ireland, there were no houses available for students, international or otherwise. I ended up sleeping on other friend's couch many times because of the housing shortage and expensive living costs.
The lack of housing, expensive rents and overall costs make things very difficult for an average person.
If anything this is a great demonstration of the flaws of GDP as a means to measure wealth.
USE ANOTHER METRIC......IRELAND IS STILL VERY RICH.
That's because it's a measure of productivity not a measure of wealth.
All the jealous little Englanders calling Ireland a tax haven because Brexit Land is sinking economically and reputationally 😂
@Paaarrrrooddyyy Why not nake fun of both? Lol
(Okay Brexit is arguably worse.)
GDP isn't used to measure wealth, it's used to measure output of an economy over a fixed period of time. There are other ways to measure wealth. including but not limited to wealth held by citizens, net wealth, assets, savings rate, savings per citizen, disposable income.
I'm 25 and my mother went to school on a horse and cart in the 70s. My prospects are infinitely better than my parents, who didn't have a hope of going to Uni. The multinational corporations inflate the GDP but they still create a lot of high paying jobs. If the rent wasn't so insanely high I think most people here would be content, and other aspects of the economy would improve a lot too.
I visited Ireland in 2003 (or 2004?), and it had really started to explode. Signs everywhere with "Partially funded through EU grants". Apple was there already (but iPhones weren't invented and Macs still used CPUs from Motorola and IBM). Truly a happy development from the past.☺
I can remember back to back, two up two down terraces with outside loos. And that was in the early 80s. Everyone was white, and the vast majority were church going Christians. Homosexuality was criminalised. Only married woman (de facto) could get contraceptives, via prescription, and usually required the agreement of her husband. The average meal was very beige and very bland. Barely anyone ate fish, despite us being a relatively small island. The change in Ireland in the last 30 years has been astonishing. If you'd told me 20 years ago that the Taoiseach would be a mixed race homosexual and the president a socialist I would have laughed uncontrollably in your face.
so why do we have no properties and proper jobs for semi and low skilled people instead of exploiting government schemes to manipulate the unemployment figures. No worker can afford a house only the super rich. People in the 30's are living at home. They can't get house. There is a housing and cost of living crisis here. Fianna Fail and Gael have benefited the wealthy middle class and the rich. They don't give a shit about ordinary Irish people who are dying on hospital waiting lists because they destroyed the Irish health care system by starving it of proper management. The government handed this country to corporations and the rich and the Irish people will have their way very soon. They got them out of government at the last GE but the traitorous Michael Martin head of Fianna Fail went into government with the opposition party just to keep out the party the people voted for which is Sinn Fein. But they will face the people soon and by God will they pay for this betrayal.
That’s like England 50 years ago
I remember people (teens) were still riding around on horses even in the early 1990s.
Either that's a very deep orange, or you accidentally used the Italian flag
Or your monitor has a shit color accuracy
We claim Ireland ! ✋🥰💚🤍❤
What makes you think it was an accident ?
As Italian living in Ireland I want to thank you for using our flag 🇮🇹 i felt like home 😂 (irish flag is 🇮🇪)
Where is it?
Com'è la vita la? Io devo trasferirmi a Dublino in gennaio :D
@@riccardo7646 Ciao Riccardo.
Io vivo a Cork, nel sud e non ho mai vissuto a Dublino ma in generale lo stile di vita e' simile.
Non voglio spaventarti ma dirti la realta' delle cose. Sono quasi 5 anni che sto qui.
La prima ENORME difficolta' che incontrerai e' trovare un alloggio dove vivere e se lo trovi questa voce ti succhia quasi meta' dello stipendio.
Superato questo scoglio la vita diventa facile, c'e' tanto lavoro nelle Big Tech e ti auguro di arrivare con un lavoro presso una di loro almeno lo stipendio ti consente di vivere bene.
C'e' un potentissimo ascensore sociale ad esempio la mia ragazza lavorava come OSS in una casa di riposo per anziani e per motivi personali ha dovuto cambiare; dopo aver fatto un breve corso (non e' laureata) sul management, ora e' team leader in un customer service.
L'Irlanda e' un Paese "divertente" nel senso piu' pure del termine; ci sono tantissimi pub presso cui entrare, prendersi una pinta (che stanno diventando sempre piu' costose), ballare e/o ascoltare musica dal vivo.
Se col tempo compri una macchina o la affitti di tanto in tanto potrai apprezzare le bellezze mozzafiato (anche se dopo qualche anno ogni scogliera/spiaggia iniziera' a non meravigliarti piu' di tanto)
Clima: qui si apre un capitolo doloroso :D qui a Cork piove molto ma so' che Dublino e' meno piovosa ma un po' piu' fredda.
Ti consiglio di andare in ufficio e far crescere il tuo network quanto piu'. Purtroppo anche se gli irlandesi sono molto ospitali e' facile isolarsi.
Tu stando a Dublino hai un aeroporto internazionale a portata di mano quindi sentirai meno il peso di vivere su un isola e per te sara' piu' facile fare fughe nel week end. Soprattutto nel duro inverno ogni tanto uscire da questo buio fa bene.
Insomma, potrei scrivere un libro ma in generale, trovata casa si sta bene :)
Well spotted. I thought it was my eyesight
@@maicocentofanti8067 Io ho vissuto a Dublino 5 anni e mi trovo abbastanza in linea con la tua descrizione.
Anche se a me, a pelle, Dublino e l'Irlanda non sono mai piaciute sono comunque contento dell'esperienza fatta.
Eccessivamente cara per quello che offre, una capitale che non sembra tale, tutta la vita sociale che ruota intorno a 'sti caxxo di pub ma soprattutto il tempo mi ha ucciso.
Quando mi spiegarono che l'estate irlandese sono quelle due settimane a maggio di tempo spettacolare gli risi in faccia: imparai purtroppo che era proprio così.
P.s. Stavo per scrivere anche io della nostra bandiera ma possibile ce ne siamo accorti solo noi?
Gli Irlandesi stanno a litigare sulla pronuncia di "celtic" ma non si accorgono della bandiera sbagliata? 😅
IIRC adjusted for tax haven companies, Ireland's GDP per capita is around $50,000
Irelands not a tax haven we just have a low corporation tax their is a difference
Damn, compared to the UKs $46,500 that isn't that much of a difference.
@@od9694 that's the exact definiton of a tax haven...
@@od9694 so a tax haven for businesses....
@@theanglo-lithuanian1768 the UK also has a inflated GDP with the city of London
Irish here. It’s not exactly wealthy. I have a Bioinformatics PhD. My partner and I struggle to pay rent and live despite both working full time. Living here is incredibly expensive and the government has done little to help. The government has contributed to childcare costs and three payments towards exorbitant electricity bills but this made little difference. We pay relatively high taxes for low services. The current system seems to favour those who benefitted towards the boom (e.g. those with two or more houses) and are now on the cusp of retirement whilst penalising younger workers. My partner and I are currently attempting to save for a mortgage while paying almost 50% of our joint income in rent and a further approximately 20% in electricity and heat when it was cold. It’s unsustainable at present and if it doesn’t begin getting better soon, we’ll be forced to emigrate despite not wanting to. It’s a very sad state of affairs for many workers at the moment.
The one thing I can tell you is that on paper, Irish salaries are high, but so are the living costs, but if you happen to work in IT-Software or big pharma, your salary would be high, higher than Norway and getting close to Switzerland, while not being as expensive as Switzerland.
Also taxed a lot more than in Switzerland
@@IbrahimSowunmi Yes, but you must pay a lot for health insurance, at least €600 per month, and you can't avoid that, it's mandatory in Switzerland, other services are more expensive than in Ireland, water is free in Ireland, also Switzerland is much more costly. So whatever you save in taxes, you have more out of pocket expenses and much higher costs than Ireland's. Also, Suiss buildings are terrible, that's why they have rules unheard of in other countries, like not being able to take a shower, flush your toilet, watch TV at moderate volume, vacuum clean, or do any sort of noise that bother your neighbour after 11pm. These noises are not a problem anywhere else because of the build quality. Not being able to mow your lawn on Sundays. The Swiss seem to have a problem where there isn't anywhere else.
@@juanchoja solid take
I love the understated, “doesn’t seem like the richest country in the world”. It made me laugh while I stand here waiting for the Dublin airport metro in 2040.
the metro is a terrible idea been in planning stages since the 90s 300 million spent and not a inch of track laid, the luas works perfect for dublin could of had it into the airport for a fraction of the price and been constructed in less than a year also swords could of got it also.
@@_alienblood congestion in Dublin costs the economy €1.8 billion per annum. A metro would be a great long term investment
@patrickbateman4214 long term! it's been in planning stage for 30 years now 300 million spent on consultancy and not a inch of track laid won't be finished until 2045 and covering just the airport finglas and ballymun hardly a congestion solution I said the luas to the airport would be a better option at a fraction of the price and build in less than a year
just caught the bullet train to Cork, expected arrival 'sometime soon'.
Very good analysis ... you cannot overstate the impact of US multinational investment on Ireland's current prosperity. The positive is that it appears to be long term.
Structural issues remain tho, and housing costs and availability remain a big challenge.
Super informative video. Big like.
I just saw a portuguese commenter on TV talking about you and your reviews on the Portuguese politics. Congratulations for the feature. I have been a subscriber of this channel since the time when you just talked about Brexit.
Remember this when you waiting in A&E for 14 hours.
The sheer speed of Irelands economic transformation can not be understated! For the majority of Irish people, our Grandparents grew up in a post independence agrarian theocratic state. Emigration was commonplace leading to a massive brain drain on the nation. Economic liberalisation under Sean Lemass, EEC membership and investment from multinational cooperations catapulted Ireland from the 19th to the 21st century. I am part of a generation that has grown up in this "new" Ireland which despite all its problems, (Housing, Health and Corruption) is a more vibrant and optimistic nation than that of years past.
John the current lrish Government are absolutely destroying the country with uncontrolled unchecked mass immigration!
except old world ireland still had excellent native birth rates and new world ireland will have native birth rates so catastrophic that with current immigration rates it might cease to be a celtic nation altogether. ireland needs to reverse liberalisation - which was never suited to instinctively collectivist gaels - and attempt to attract it's 1800s emigres back from the rest of the world
@@indexpictures
What a load of bollocks lmao
This is true, but I am afraid that our governments attutudte towards multinationals,with their caps in their hands,bowing down to the new masters,reeks a bit of the old British newspaper cartoons of us,just in a sleeker 21st century package.
Just arrived to the Hartley Davison weekend in killarney. Loads camping on the grass outside the gleneagle. Maybe there is a load of people on a shoe string like the old days. Great for the carefree atmosphere though.
I've lived in Ireland for work, and their quality of life is pretty much identical to the UK. Same high prices and low wages, but their GDP is inflated by being a tax haven for big companies. They don't even see much benefit from it because, you know, low taxes.
It's like letting Elon Musk live in your house for free. The net worth of your household just skyrocketed, but you're still poor.
Accurate analogy.
The UK is actually cheaper
For the working person maybe. Ireland has a far superior social welfare system though and free college education for low income or unemployed. England has a far superior healthcare system. Swings and round abouts. I'd much rather be poor in Ireland than the UK.
GLAD YOU MOVED OUT..??
@@jjbiggmann5576 WHY DO YOU TYPE LIKE THIS..?? IT'S REALLY WEIRD..??
With the addition that Elon Musk would have to live and pay for his life somewhere if you weren't housing him for free. Ireland isn't just screwing their own population, they are screwing the world.
Great video. Very informative and interesting. My only gripe it its pronounced kell-tic, cell-tic is the football team
Ireland is a prosperous country in that it's relatively common for a university educated person to earn over €100k by the time they're 30, if they work in tech or finance or pharma. Is there anywhere else in Europe apart from London where that is the case? Additionally, the government is taking in huge corporation tax receipts from multinational companies and runs a budget surplus each year. That's real money. I guess standard of living is something different though, and Ireland does poorly on physical infrastructure and housing. So people feel poorer than they are. Despite that i do think Dublin is one of the most prosperous cities in Europe if you have a needed skill that is in demand.
I live Dublin and it's impossible to find place to rent with 1.800 euros a month salary. Most of people have to share apartments. And if that's not bad then most of buildings for housing that are built are model village's, student apartments, hotels.
I'm from Dublin and left Ireland because of that. It was impossible to build a proper life there because of the housing situation.
High cost of housing is a First World problem..... sharing apartments..... take the sliver spoon out of your arse.
@@sc4rf4ce1983 You are Irish????? Really.... move from Ireland because Dublin was expensive instead moving to Kildara or Carlow or Louth......
I'm no economist but what I think is that our economy has grown so fast the wages haven't been able to keep up?
Agreed, it's impossible to find a home even if you have the money also, homelessness is through the roof in Ireland
I've been living in Ireland for the last 5 years and I can say that things here are improving by also everything is super expensive.
This is the same with all financial centers. New York has per capita GDP of 105k USD but per capita income of 42k USD. Net investment/service exports distorts GDP figures for financialized economies. Singapore, Hong Kong, London residents are much poorer than the GDP figures would suggest as well.
Yep, people just don't know what GDP is, that's the problem
Agree!
The best measurement would be GNI per capita, which would still put Ireland pretty high up.
Yes, it's a measure to see how wealthy the population is - GDP does little on that.
TL;DR: many multinational corporations are headquartered there
For tax purposes
@@xyz-uw3ps All the jealous little Englanders calling Ireland a tax haven because Brexit Land is sinking economically and reputationally 😂
@@imastaycool exactly. 😂
I wonder how many of these whinging Brits earn even half what I earn 😂
@@imastaycool Ireland literally IS a tax haven. Its GDP per capita is high because companies are headquartered there so they don't get taxed as much as other European countries. It has nothing to do with Brexit and even if Brexit hadn't happened, Ireland would still have a higher GDP per capita than the UK (it has for decades). The UK isn't a tax haven, and its overall GDP is significantly higher than Ireland's (UK = 3.13 trillion dollars, Ireland = 504.2 billion dollars). Grow up and stop being a petty little Irish nationalist
Tax revenue of Ireland in 2022 was €83.1 billion and the UK's was £786.59 billion or about €900 billion (the UK is 13 times the size of Ireland) to keep it in line with the UK, Ireland tax take should have been about €70 billion & if Ireland was a "Tax Haven" is should be a lot less. Ireland has got to be the worst Tax Haven in the world, if Ireland is getting more tax revenue being a "Tax Haven"... and 57% of corporate tax take comes from the top 10 multinationals in Ireland....
Spot on.
Does Ireland have a low corporate tax rate? Yes. Is her GDP per capita skewed by this? Also yes.
Ireland is also the EU member state with the largest percent of its citizens to have an undergraduate degree. Ireland ranks 6th in the world for Human Development Index and it’s quality of life is one of the highest on earth.
And Ireland is now the only English speaking member of the European Union.
Quality of life index they rank 29th. Thats no where near one of the highest lol
@@dawidoskwarek3960well it’s one of the 30 highest
Malta speaks English too.
Mr, I fear you never thought about moving to Ireland. Average public sector's salaries are a lot higher. I'm an MD in Italy, I'm planning to relocate in Ireland, my salary will be 3x in the public sector.
60/70k gross here to around 200k gross in RoI. How can you explain this? For what I know the public sector pays a lot more in Ireland than Italy. And a lot more than UK. An MD consultant in UK gross salary is around 90k £.
I'm Irish and yeah he said a lot of things wrong in this video, you'll do very well in a lot of public sector/consutlting/tech/finance/banking jobs in Ireland
You can get 200k gross as a doctor in Ireland? That's crazy, those are US level salaries.
@@Dendarang Doctoring jobs, consulting jobs and certain banking jobs pay the same as US salaries if not more, but our income tax is quite high. If you're a startup or CEO in this country the tax is one of the lowest in the world currently
Correct, but watch for high taxes and accommodation costs. These are not new issues either. I met a lot of architects moving here from the EU in the early 2000's and yes, they received higher salaries, but much of that was swallowed on accommodation and tax.
I was a teenager in Ireland in the 1980s. It was very economically depressed. Things really turned around strongly in the 1990s. The biggest failure of government has been inadequate house building.
Surely the other countries at the top of the GDP index also have distorted fdi and import export figures?
This is nice to see and as an Irishman I appreciate seeing a British news agency put out what is functionally an educational piece on Ireland, incorporating thebhistory that doesn't necessarily reflect to well on the Empire. Thanks for this.
Also, mild nitpick, pronouncing it the 'S'eltic Tiger is incorrect. That's an anglicised C and only the football team really uses it. The correct pronunciation is with a har kuh sound so it should be pronounced 'K'eltic Tiger instead.
Like the content, but as an Irishman your pronunciation of Celtic grinds my gears. :-)
Sick man of Europe -> Celtic Tiger, talk about a glow up. XP
Oh dear someone is jealous.
All the jealous little Englanders calling Ireland a tax haven because Brexit Land is sinking economically and reputationally 😂
@@imastaycool Yes
dude, I'm going to outline some facts:
In the United Nations’ ranking of 189 countries in 2020, Ireland was ranked second in terms of quality of life. In contrast, the UK ranked only 13th. Factors contributing to these rankings were life expectancy, education, and gross national income per capita.
Higher incomes in Ireland make mortgages more affordable. This is a crucial factor when comparing the relative costs of living in both countries.
The average salary in the UK as of 2022 is about £29,600 per year or £1,950 per month.
In Ireland, annual salaries average €44,202 or €3,683 per month. The weekly average is €850. The minimum wage in the country is €10.50 per hour as of January 2022.
Ireland's services include high-tech, life sciences, financial services and agribusiness, including agrifood. Ireland is an open economy (3rd on the Index of Economic Freedom) and ranks first for high-value foreign direct investment (FDI).
Ireland is an EU member and trades freely everywhere, even to Grim Britain.
Ireland ranks 3rd of 192 in the IMF table and 4th of 187 in the World Bank ranking.
How's Britain's economy going by the way? Hahahaha
very well put. GNI per capita is probably much better indicator in case of Ireland as it excludes MNC profits.
As a side note, technically speaking imports are not subtracted when calculating GDP [or GNI] but this is a common misconception.
The population you stated at the start was the island population at the time. We are very close to that number now if you use the island population. About 7 million now.
Mass immigration. Ireland is projected to have more Muslims than Catholics by 2040.
I enjoyed the video, it was informative. However, the flag you used for Ireland is closer to the Italian flag than the Irish flag.
Ireland's the wealthiest country in my heart ❤
Facts
Mine too - and I'm not even Irish.
To rent a one bedroom apartment in Dublin now relies on a minimum of €2000 per month out of a persons net salary. That’s only if you can find an apartment to actually rent. There’s queues down the street once an apartment appears for rent. It’s utterly an insane situation. House prices are off the scale too. €450k for a tiny 3 bed property.
2:01 just gonna brush the famine under "economic misery", huh
Is that not accurate?
Misery? Yes. Economic? I don't know. When millions of people starve to death, is that best described by economics?
There was never a "famine"! The English were exporting food from Ireland, it was ethnic cleansing
While the effects of multinationals does distort the Irish GDP, it's also worth remembering that they do make real contributions to the economy. It isn't like they're just shell companies with an empty office, many of them employ thousands of highly skilled (and well paid) professionals. This in turn has encouraged entire generations of young Irish people to go to university and dramatically improved the education standards overall. Ireland has a lot of problems, but often multinationals get the blame unfairly IMO
TRUE.
All it means is gdp is ignored and we use other measures. Even by modified gni the economy is still pretty good just not as impressive
Now if only they put more money into transport...
Well that's good, but it seems like these companies are getting a lot more out of Ireland than Ireland is getting out of them, if these GDP figures are really that grossly out of proportion.
Sàd news for you apple is based in Ireland and employs 1 person too look after a empty office 😊
Ulster Worker's Strike [Northern Ireland] included.
Different country
There's a very revealing Eurostat graphic that shows Ireland is actually very similar to Poland in terms of actual quality of life and household consumption.
People often claim this is skewed by Irish people being good at saving money, but this is only because house prices here are absolutely outrageous, with people needing to save between €30,000 to €50,000 in cash to even qualify for a mortgage. Rental costs are also out of control, it's around €2200 on average for a 2 or 3 bedroom apartment where I used to live in Sandyford, Dublin which is mostly a lower middle-class area. It isn't particularly wealthy, and most grown-up children of current residents will probably never be able to afford to buy in the area as house prices start at around half a million euro for a small, 1980s 3-bedroom house that likely requires €150,000 worth of refurbishment and extension to bring it up to modern standards (all of the recently purchased houses near my old apartment have had significant extensions & upgrades before people moved in).
Public transport in Ireland is so poor that commuting is a nightmare. Most people choose to drive to work from the slightly more affordable commuter towns outside Dublin, but the availability of new-builds out there doesn't remotely meet demand, with developers regularly charging "Dublin prices" for new houses in surrounding counties. I've been out to see houses in Kilcock that *started* at €450k. That's a 45 to 90 minute commute each way, depending on traffic.
Very true and because that money is tied into savings means that money isn’t in the actual economy it’s tied up.
Regardless of those accounting gimmicks, my previous employer pretty much shifted most of their administration into IE from the UK over the last few years as part of their roadmap to prepare for the longer term effects of Brexit. IE could get some further boost around that as the place on the British Isles thats still solidly in the EU.
Lol the term British isles is not something you wanna ever use in Ireland and not recognised there.. it’s an old term coined to try make it seem like Ireland was British geographically when it’s not.. just a piece of advice
The term "British Isles" is a legacy geographic term not at all liked by Irish people, please refrain from it's use.
@@LeMerch that’s not why the term was made, so you have any proof that it was made to make Ireland seem British?
We’ve come a long way from being one of the poorest nations in Europe back in the 50’s. I’m honestly sad that my fellow citizens don’t appreciate what we have here. Obviously we’re facing issues but we’re in a better position to prosper than ever before and I’m very optimistic about the future 🇮🇪
As many problems as the large companies cause our economics they also created lots of jobs and really helped Ireland develop
It really helps not having your whole existence targeted at "killing the English."
The Cranberries did more for Ireland's economic future than any member of parliament.
The dumb-ass Tories in London have also given a huge boon to anyone in Ireland willing to work as middle men between the EU and the UK. It wouldn't surprise me to learn in a few years that 15-25% of Ireland's GDP is fueled by "smuggling" to get by varied tariffs imposed by various entities. Those are at least "real" transfers and not tax haven shuffling.
If you actually look at the stats, Ireland was certainly not one of the poorest countries in Europe back in the 50s. It was about the same level of wealth as Italy and Spain. And frankly, if you discount inflated figures due to corporation tax and other nonsense, that's pretty much the level of wealth it has today.
Everybody was poorer in the '50s , GB still had wartime rationing until 1953.
@@jamesxenophon9505 Yeah, Ireland's historical GDP looks surprisingly high even prior to the mass invasion by the Silicon Valley's offshoring. Not sure what to make of it.
haha Celtic tiger it;s pronounced Kell-tic, easily mistaken for the football team, but the Celts (Celtics) were a historical culture from 600BC to 43AD
The chart at 6:35 doesn’t say it includes government spending
Ireland main way of measuring economy growth is Modified Domestic Demand (MDD) and it’s been contracting for the last 9 months. GNI is severely warped by Ryanair and other Irish MNC’s and the Modified GNI isn’t always measured.
Ireland will have a 16 billion euro surplus budget next yr regardless how it came about, Ireland has signed up to the same corpoation tax as all other european countries and before we signed up the government put in place a 30% tax on companies moving their money elsewhere, so the income is ongoing. By the way Irish companies employ more people in america than american companies do in Ireland, regardless of the corpoation taxes paid by multinationals in Ireland they create high paying employment which creates bigger income taxes. Ireland and America are intertwined which ever way u look at it, the relationship and co supports are stronger than any other relationships with america. With the troubles and cost of living in america it will only get stronger now that we are the only english speaking country in the the EU?.
I married an Irish woman in 1987 and I think the third largest employer was Waterford Glass and you could buy houses for peanuts. The country has cool me a long way since then,
@@neiljarrett6750 That company was sold off.
Well yes, the American companies in Ireland are just shell companies. Ireland's problem is another developing European country will come along with even more favourable tax incentives and Apple/Facebook/Amazon will all be gone in a heartbeat.
Ah yes, the transfer pricing distortion. How one of the most obscure tax topics can affect an entire economy…
Well the thing is, it does kind of make sense to count investment if it is being used to either hire local workers or use local land. Normally, I think it should count towards GDP. The problem here is that the investment is not really into Ireland.
GDP is not only the parameter to say if a country is wealthy or not, or if an economy is performing well or not. Even the term wealthy is vague and can open to many doors of interpretations.
For everyone arguing over whether Ireland is a Tax Haven and throwing definitions around... It is one of the most successful conduit offshore financial centres in the world. That is an academic consensus. When I discussed tax havens with my friend who works in financial security Ireland is one of the 3 countries he talked about in detail.
Being an OFC doesn't mean its where the money ends up or where billionaires hide their money. It means for big corporations who want to pay 1% tax there money moves through Ireland (usually with Switzerland, America and a couple other places).
This benefits the Irish population but highlights GDP is not a great measure of living standards in developed countries.
OFCs are good for profit margins and bad for global tax revenue.
I agreed with you, but I would argue that Ireland is not tax heaven in common conception of this word, but just because it is part of European Economic Area (biggest single market in the world with multiple free trade agreements) Ireland does not have to be a tax haven, it just must have more competitive institutions and tax code than rest of EEA and USMCA. And even if Estonia and Cyprus are trying to take some parts of this cake from Ireland their are no way near as stable as Ireland due to geopolitical reasons
And he doesn't mention the City of Londongrad..... strange that?????
@@roryoneill9444 why would he?
@@maxdavis7722 "It is one of the most successful conduit offshore financial centres in the world." this is the very difinition of the City of London for decades.
@@roryoneill9444 again, why would he mention it? We are talking about Ireland not the city of London.
To better understand the real differences in standard of living between UK and Ireland look at wages in NI v's ROI i live near the border and every day there is a mass exodus from NI to the south as wages are nearly double in the south. When people think of the UK standard of living they think of London not Hull or Sunderland or Belfast.
"i live near the border and every day there is a mass exodus from NI to the south as wages are nearly double in the south."
And the shoppers head north, because of the prices. Any idea why folks aren't moving south to shorten their commute - maybe it's the house prices?
@@NorthDownReader maybe but from what I have seen first hand supporting payroll software systems in NI and ROI the renumeration rates are about 50% that of ROI in NI. Data doesn't lie. I agree houses are more expensive in the south and needs to come down.
Not really, because Northern Ireland has the 11th highest GDP per capita out of the 12 regions - so it's nowhere near the UK average, let alone the south of England.
Driving on the M1 is surreal with all the yellow reg'd number plates. Its like a different country.
London has a huge GDP but this all counts for nothing if you are grinding out a living on minimum wage. I was listening to an Indian here in Malaysia talking up India's economic performance having just overtaken the UK. The reality is that India is still a very poor country and talk of GDP at his level amounted to little more than nationalistic dick-waving. I left the UK after the financial crisis to come and live in SE Asia and a feel much better for it. You can't put a price on happiness. At the time I could have gone to live anywhere else in Europe but getting off the Western lifestyle perpetual debt treadmill is something I do not regret. Most countries in Europe enjoy a similar standard of living so it was surely inevitable that Ireland was going to get there as its surely inevitable that the Eastern half of Europe will catch up to the West. Looker longer term however the prospects for Europe do not look good so enjoy it while it last.
I spent one year in Ireland, 2004, for work…, I can confirm everything you say …
Celtic Tiger is not pronounced like the football team. Its Prounced Kel-tic
I was thinking at the beginning of this "so why isn't Ireland in the G7?" and then I immediately remembered that Ireland is where Apple goes to make it's money. If they sell a piece of IP worth an alleged 300 million dollars from one R&D to another piece of the company, they can then use that to offset taxes as that is an expense by all accounts... while the $300 million will be taxed at the Irish corporate tax instead of wherever they sold the IP to is based.
Sir, I apologise but that is most definitely the italian flag.
😅
Why the apology, believe in what you're saying.
Why apologise. This outfit are setting themselves up as some sort of source of reliable research and news - and yet can't identify European flags accurately. I didn't bother checking the others.
The strike images are from northern Ireland lol
Neat
De-industrialisation of ireland after British rule is highly disingenuous. Ireland never industrialised under British except in the protestant north where the English always spent their money. Ireland remaind an agricultural economy up until recently
"except in the protestant north where the English always spent their money. "
The English spent their money in Dublin, just like the Irish government does.
@@NorthDownReader Dublin was never a massive industrial city like Belfast was with its shipbuilding and linen industry
@@nigelraporam6917 "Dublin was never a massive industrial city like Belfast was with its shipbuilding and linen industry."
Sure, but Dublin was where the English spent their money in Ireland - Houses, servants, shops, theatres. Maybe that sort of thing damages the enterprise that ought to occur in a port city - the enterprise that happened in Belfast.
Google “the penal laws in Ireland”. More than likely not covered in British history curriculum in schools over there. The British imposed disastrous penal laws in the 17th and 18th centuries to impoverish and destroy the country of Ireland . Any linen and textile industries owned or worked by catholics in the 17th century were likely taxed out of existence and throttled into the ground by the British Protestant ascendancy. The British imposed penal Farm inheritance laws on catholics at the time that insisted on dividing land equally among all sons thus dividing farms into uneconomical small units. This action directly exasperated the effects of the 19th century famine. So yes to say de industrialisation occurred after British rule is highly disingenuous. De industrialisation of Catholic Ireland was a British policy carried out in the 17th 18th and 19th centuries at a time when the Industrial Revolution was in full swing on their own territory and the Protestant North east Ulster. The British imposed the same de-industrialisation on the Indian linen industry. So yes there was nothing to de- industrialise in Ireland in the 20th century. Dublin was never going to rival Belfast industry under British rule because there were too many catholics in Dublin. Protestant Belfast got all the industry. That’s why Belfast prospered in the 18th and 19th centuries and Dublin declined. A decline that accelerated after the 1798 Irish rebellion.
Is no one else annoyed that the flag they are using for Ireland in their charts is actually the Italian flag
Gdp per capita by ppp is most efficient way to calculate wealth.
The claims that Ireland has boomed as a result of as a result of being a low tax economy fail to recognise that these corporate arrangements provide very little employment or income gains to Irish workers (this isn't a defence of UK economic policy you understand).
They provide massive benefits to multi-national corporations who can spread production out into low-wage nations where workers have very little protections or rights, while recording the income gains and value of IP etc in Ireland as a result of generous conditions provided by the Irish government.
Even before the GFC, we knew that around 20 per cent of the Irish GDP income was just ‘profit transfers’ to foreign owned companies that provided virtually zero benefits to the Irish people.
Net factor income is the difference between the income flows accruing to Irish residents as a result of investments abroad and the incomes flows from Ireland to foreigners.
In 2022, they represented 29.3 per cent of total GDP income produced - nearly a third of GDP - which was flowing out of Ireland to enrich wealthy foreign interests, who had exploited the tax-haven rules.
When it comes to low taxes for big companies, it's better to think of it as a small bit of something big is a lot better than a whole lot of nothing, plus many of these companies employ a lot of people, so yeah, it is what it is, but remember that our old business partner took everything and gave nothing but misery,
VERY TRUE...AND NOW THEY ARE BITTER/JEALOUS.
It is a good thing for jobs and the like. Just really inflates gdp as the profits are declared here
@@theblackmailguy875 and it could and probably will blow back in our faces if we don't adapt and diverge, A. I. could hit us hard, focusing on one sector has left us short in every other sector but trying to convince Twitter workers to drive a bus might prove difficult,
@@jjbiggmann5576 countries that object the most such as France would happily welcome those companies to France if given a chance
@warren doyle I most certainly agree but that is nor an issue unique to us. At least our massive college education rates should allow us to have programmers
I just disagreed putting Ireland in the same group as Italy and Spain. Even with a high cost of living,there's low unemployment, minimum wage starts at 11.5 Euros/ hour, Although definitely it's not in pair with Norway and swirtzland i definitely would put Ireland in pair with the Netherlands or Germany
Ireland has higher wages than Norway or Switzerland in some sectors so maybe it should be with them. But, the cost of housing is ridiculous.
3:52 These graphs should be adjusted for inflation
Ireland created a new metric called "modified gross national income" (GNI*) to measure the economy without the distortions of IT, Pharma and aviation profit transfers.
Ireland does not really use gdp. It is measured as it has to be but internally modified gni is used more often
GNI*? Isn't it?
Yep, correct. This particular topic has been covered so many times in the last few years you would think 'TLDR' would have copped on by now.
PS: Going by some of the comments, It's beginning to look like a coping mechanism for some.
Even using GNI, we’re top 10 in the world per capita. Ireland is a first world, developed nation by all metrics and our future is bright ☘️
@Conor Kinsella depends on who and even gni is different between nations because its generally nation specific but even by those metrics yes we have incredibly high economic activity due to the high wages (some of the highest minimum wage and medium and mean incomes) and high cost of livings
@@SilentEire absolutely agreed, there is a dumbing down in UK criticism of Ireland in particular led by crass articles in the Torygraph and other Brexity type papers.
They dropped the ball, they bolstered the Irish socially economically and politically through their own negligence. Once a pauper colony of the UK now a successful free country.
One thing's sure: UK's position in the GDP per capita leaderboard is an absolute shame! Maybe a video on that and its causes would be more interesting that yet another microwave-ready item on Ireland's GDP per capita.
It’s not that bad, sure it isn’t pre ww2 figures but we are still doing alright on that specific statistic.
What an interesting take. Ireland is a wealthy country which doesn't feel like a wealthy country - yet. But few countries' economies have ever grown so much or so quickly. This "analysis" seems more like a snide hatchet job which ignores the fact that Ireland has given up its 12.5pc corporation tax rate and now charges the agreed 15pc that all countries are entitled to implement. Strangely, foreign firms have chosen not to leave - many expanding hugely, in fact - and Ireland's GDP has continued to rise. We might have a long way to go but we're on a steady upward economic trajectory, unlike some. Those casting aspersions about "tax havens" might be better looking closer to home.
🇮🇪🇪🇺🇮🇪
High marks for pronunciation of FF and FG
And how is the population in terms of capital power?
WE ARE RICH.
small history correction but 2:11 ireland didn't get full independence until 1949, in 1922 it became a self-governing dominion of the UK, like Canada or Australia at the time (though it was effectively independent)
I'd say Canada and Australia are pretty independent.
@@alisav8394 "at the time"
I'd put full independence in 1931. It was a British dominion on paper until 1949, but the UK parliament renounced its right to legislate for them in 1931, which I would say made it fully independent. And unlike Canada and Australia there was no quirk that constitutional amendments still had to go through the UK parliament.
Ireland was so far removed from Britain by 1922, where are you going with 1949 😂 sorry but you’re unbelievably wrong there buddy!
Everthings gone up here apart from wages
Actual individual consumption is not a measure by which you can deduce the state of a country's economy.
It is simply how much the average person buys. That completely ignores factors such as percentage of income saved.
The smallest bit of research would have revealed that the Gross National Savings rate in Ireland is the highest in the world. This measure excludes all foreign savings in a country before someone mentions that.
All you have done is swapped one inaccurate measure in GDP for another in AIC and pretended to have come to some conclusion.
I normally trust this channel for coverage of events i dont know about but knowing of this topic and seeing how poorly this video has been made has changed that.
Ireland is a tiny country, and tiny countries (population wise) show big jumps in growth rather profoundly. However, Ireland has very low corporation tax rates, and major organisations are HQed there as a consequence. And while their turnovers (e.g. Google, Amazon, etc.) are accounted for in Ireland, the revenues do not stay in Ireland
One of these days you guys will pronounce the R in Ireland. Everything just sounds like "Island is this, island is that..."
You mean "Ailand" They don't even say the S
or just ' in da South like'
I prefer IHDI and HDI as more holistic measures of development. They include economic development but also quality of life, access to healthcare, quality education etc. IHDI in particular is great because it's adjusted for inequality so it measures human development for the average citizen, whereas HDI can be distorted by extremely high living standards among the élite. By IHDI, Ireland is the 6th most developed country in the world, just behind Finland and ahead of Sweden, Germany and the Netherlands. By HDI we rank 8th in the world, ahead of Finland, Germany and the Netherlands but just behind Sweden.
By both measures we beat the UK by a wide margin (UK is 16th in the world by IHDI and 18th in the world by HDI). I think while our GDP per capita is definitely overinflated, because of our unique arrangements with multinationals it's sort of like comparing apples and oranges. For me what's important is how much the economy is driving human development which is why the IHDI and HDI are way more interesting to me as measures.
That said, I think it gives lie to the idea that human development = happiness. Ireland has an out of control housing crisis. And you look at Finland with its highest quality of life in the world, you ask the average Finn whether they're happy and they'd laugh in your face.
It's hard in celtic, only the sports teams have a soft c (older origin)
There is an astonishing amount of wealth in our country, but it is far from evenly distributed. We live in a tax haven welfare state, the rich park their money here while the rest of us haven’t seen a pay rise outside the rise in minimum wage since the early 2000s.
No mineral resources
We are doing very well in ireland. No question about it. Just look at the houses and cars. There are obviously lots of people struggling, which happens in every country, but the number of people who have decent disposable income is massive. Obviously, we hear a lot about people struggling. But it's actually a small percentage of the population. And very often, it's down to bad money management. Of course, dublin is a different gravy. Too many people want to live there, when the rest of the country is more affordable, and better for the soul.
4:01 - That's Celtic, not Seltic. 😆
For those going after Ireland’s corporation tax status, I would point out that we aren’t breaking any international or European laws here. It’s easy to pick on little Ireland rather than go after a massive and lucrative economy that is actually breaking international law like CCP controlled China, which literally has concentration camps producing cheap goods to facilitate more competitive exports
It's the rest of the EU who object to Ireland's predatory corporation tax rates.
@@auldfouter8661 the EU has far bigger fish to fry
@@Jim54_ The whole point of the EU is a common approach to laws , standards and trade. Allowing Ireland to play Beggar Thy Neighbour" with predatory corporation tax regimes cannot be allowed to continue.
@@auldfouter8661 in the US states are entitled to implement their own taxes. Not everything has to be standardised out of spite
EU did demand 9 Bn Euro from Ireland over Apple
Still, Ireland has a true rags to riches story and the country seems to be a better place to live in than the UK right now.
Yep. We went from a backwards, poverty stricken, super religious hellhole to a wealthy, secular, progressive nation in just a couple of decades
Uk is a better place to live if u look at quality of life index
@@dawidoskwarek3960 Social welfare in England is something like 50 pound sterling a week. In Ireland its 220 euros per week. For a poorer person your comment wouldnt apply
@@ron28688 most of people on social welfare are people who are abusing the welfare and prefer sitting on their arse and not go to work like an honest human. Most of these people are trash humans in general. My point is, honest and fair people have better life in the uk
If it was just text, what are European countries with 0% corporation tax would be doing just as well not to mention written, but it’s overseas territories, for tax avoidance
Celtic Tiger nickname was a lot earlier then the 90s
One thing not mentioned is that no one in Ireland, not even politicians, claims Ireland is anything like the richest country in the world. It is exclusively outsiders, in videos like this, who construct that straw man in order to knock it down! ☹️
All the jealous little Englanders calling Ireland a tax haven because Brexit Land is sinking economically and reputationally 😂
Exactly, like as an immigrant here, I have never heard one Irish claim they are the richest. Most even complain, understandably so, about their societal problems. It's always some other countries who bemoans about Irish GDP that the Irish themselves don't really take seriously.
Now I understand the whole Goldpot thing, thx.
All the jealous little Englanders calling Ireland a tax haven because Brexit Land is sinking economically and reputationally 😂
as a person living in ireland i can see googles hq from the DART (dublin's glorified tram)
I was looking to move there, but it's kind of a pain to get in.
In what sense?
I wouldn't unless you are willing to pay over 2k a month on rent , or to live with others.
Jump on a plane,,destroy your passport the government are waiting for you with housing and money,,asylum is the magic word!
Ah, yes, Ireland, the Selltic Tiger
Is that not right? I always pronounce it with a "k" but the football team of the same nane prounuce it with an "S" sound and if the word of Latin origin seltic would make more sense
@@xavmanisdabestest I've always heard it with a k