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:
“I find very reasonable the Celtic belief that the souls of our dearly departed are trapped in some inferior being, in an animal, a plant, an inanimate object, indeed lost to us until the day, which for some never arrives, when we find that we pass near the tree, or come to possess the object which is their prison. Then they quiver, call us, and as soon as we have recognized them, the spell is broken. Freed by us, they have vanquished death and return to live with us.”
—Marcel Proust (1871–1922)
“When a man wants to murder a tiger he calls it sport; when a tiger wants to murder him he calls it ferocity.”
—George Bernard Shaw (1856–1950)