Celtic Tiger
"Celtic Tiger" is a term for the unprecedented economic growth in Ireland in the 1990s. Ireland's membership of the European Union since 1973 has helped the country gain access to markets that previously it had to access through the United Kingdom. More importantly, Ireland dramatically reduced its tax rates on both individuals and corporations, and now has the lowest tax burden among EU members.The term is an analogy to the term "East Asian Tigers" which is used to denote countries like South Korea, Singapore, Hong Kong, and Taiwan (sometimes Malaysia and the Philippines are included, but the term is usually applied to the first four) which have risen to economic power in the wake of Japan's success in the 1970s.
In recent years, as economic growth has slowed significantly, there have been fears that the Celtic Tiger is extinct. In particular rising wages and inflation, poor infrastructure and the new members of the EU in 2004 have been blamed for a loss of competitiveness. It remains to be seen if upskilling, particularly dependent on graduates will restore confidence in the economy.