Celtic Tiger refers to the economy of the Republic of Ireland between 1995 and 2007, a period of rapid economic growth. The Irish economy expanded at an average rate of 9.4% between 1995 and 2000. It continued to grow at an average rate of 5.9% during the following decade until 2008, when it fell into recession. The expansion underwent a dramatic reversal from 2008, with GDP contracting by 14% and unemployment levels rising to 14% by 2010. Moody's proceeded to downgrade Ireland's government bond ratings to junk in mid-2011.
Read more about Celtic Tiger: Term, Celtic Tiger, Downturn, 2001–2003, Post-2003 Resurgence, Aftermath
Famous quotes containing the words celtic and/or tiger:
“Coming to Rome, much labour and little profit! The King whom you seek here, unless you bring Him with you you will not find Him.”
—Anonymous 9th century, Irish. “Epigram,” no. 121, A Celtic Miscellany (1951, revised 1971)
“The way of Providence is a little rude. The habit of the snake and spider, the snap of the tiger and other leapers and bloody jumpers, the crackle of the bones of his prey in the coil of the anaconda,—these are in the system, and our habits like theirs. You have just dined, and however scrupulously the slaughter-house is concealed in the graceful distance of miles, there is complicity, expensive races,—race living at the expense of race.”
—Ralph Waldo Emerson (1803–1882)