Abstract
Ireland's recent economic growth - the Celtic Tiger phenomenon - has attracted world attention. This paper outlines the changes it has effected on people's lives through enhanced prosperity, greater availability of jobs and lower poverty. The economic transformation is attributed to several factors that proved mutually self-reinforcing : a booming US economy, EU structural funds and other support, stabilisation of government finances and low taxes and social partnership. Challenges to the more prosperous Ireland are also analysed, including the prospect of soon becoming a net donor to the EU, and danger of a loss of competitiveness due to rising pay costs, lower productivity growth and an unpredictable euro exchange rate. The No vote in the Nice referendum last year led to a reappraisal of Ireland's reputation as a good European and reversing that decision will take considerable effort. Ireland has been hit by the slowdown in the world economy, and the Celtic Tiger growth rates of the 1990s are unlikely to be repeated. Nevertheless important structural change in the economy has occurred and this bodes well for the future.
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