An optimistic take on SA from the Emerald Isle
10 years ago, Ireland was pretty much where SA is today, which means there is hope — with support from the government and an eye on innovation
Just 10 years ago, Ireland’s economy was on the brink of economic collapse and required a (substantial) bailout from the EU. Beset with stagnant economic growth, a two-year recession, high levels of household debt, unemployment of nearly 20%, and mass emigration, Ireland’s prospects did not look good.
But through a series of interventions, with the wholehearted support of government, Ireland’s innovation ecosystem powered up, driving the growth of a knowledge economy. IT multinationals established bases in Ireland, favourable intellectual property (IP) tax systems supported the growth of innovation start-ups, and the focus swung from domestic consumption to exports. By 2014, there were signs of economic recovery, with the economy recording 4.8% growth — the highest in the EU...
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