Ireland and the Czech republic

Since joining the EU, Ireland have been praised with steady growth economic growth. As a new member of the EU in 1973, it was considered truth of the poorer members but after investment and aid, it has seen its economy benefit in many a(prenominal) ways. The Czech Republic joined a distich of years ago in 2004 and is currently in the sate of developing its economy based on the successes of countries like Ireland. forrard either country joined the EU, Ireland and the Czech Republic were rule differently. Ireland was under commonwealth while the Czech Republic was a Command Economy. This resulted in a big difference in each countrys economic development. musical composition Irelands government were using resources on both capital goods and consumer goods, all of the Czech Republics resources were being lease for capital goods with the government deciding all the economic decisions. In the years 1994 until 1996, the two countrys rising prices, unemployment and current account commensurateness were importantly different. While the Czech Republics economic growth was systematically dispirit than Irelands economic growth, their growth between 1994 and 1996 were similar.

In contrast, annual % miscellany of inflation were vastly different because of the difference in government. In 1995, the Czech Republics inflation was about 9% representing a portentous high uper percentage than Irelands zero inflation. The Czech Republics high inflation was due to to insufficient firms closing down as the renewing between a command economy and democracy occurred. It was a painful tra nsition which see the economy suffer. Unem! ployment suffered in a similar way because of the same reasons. When firms closed down, many workers saw themselves being made redundant and therefore unemployment rocketed. While Irelands unemployment was nearly 4%, the Czech Republics unemployment was 12%.If you want to find a full essay, order it on our website: OrderCustomPaper.com

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