Ireland expected to see positive growth in 2015

Global Business

Ireland is one of the few EU countries showing positive growth forecasts for 2015, while Germany, EU’s former economic powerhouse, slashed growth forecasts for the next two years. CCTV America’s Lourda Sexton reports.

Ireland expected to see positive growth in 2015

Ireland is one of the few EU countries showing positive growth forecasts for 2015, while Germany, EU’s former economic powerhouse, slashed growth forecasts for the next two years. CCTV America’s Lourda Sexton reports.

While the prospects for economic growth grow dimmer across Europe, Ireland has became a poster child for recovery. A surge in Irish real estate prices boosted business confidence and consumer demand.

The economy looks so good that Ireland announced a round of tax cuts for 2015. It would be the first non-austerity budget in seven years.

Multinational investment has also been key to Ireland’s recovery. From 2008-2012, investment by U.S. multinationals exceeded the previous 60 years combined.

Under pressure from the European Union, Ireland has made changes to its controversial tax policy, known as the “Double Irish,” in its latest budget. Multinationals operating here will have to become tax residents in Ireland starting in January 2015 for new companies. Older companies must do so by the end of 2020.

Multinational firms reaped the benefits of Ireland’s generous tax breaks, but will they still be eager to choose Ireland when the loophole closes? For more insight discussion, CCTV America’s Rachelle Akuffo spoke to Fergal O’Brien, the chief economist with the Irish Business and Employers Confederation.

Economist Fergal O'Brien discusses Ireland’s projected growth

Multinational firms reaped the benefits of Ireland’s generous tax breaks, but they still be eager to choose Ireland when the loophole closes. For more insight discussion, CCTV America’s Rachelle Akuffo spoke to Fergal O’Brien, the chief economist with the Irish Business and Employers Confederation.