Saturday 18 November 2017

Forget leprechauns, foreign firms are up to some funny business

A demonstrator holds a sign outside Leinster House as the Dáil debated the European Commission’s ruling that Apple should pay €13bn in back taxes.
Photo: Brian Lawless/PA.
A demonstrator holds a sign outside Leinster House as the Dáil debated the European Commission’s ruling that Apple should pay €13bn in back taxes. Photo: Brian Lawless/PA.
Dan O'Brien

Dan O'Brien

Leprechaun economics was a term coined by an American economist two months ago. He did so after it emerged that the Irish State's statisticians revised their 2015 figures on the size of the economy. According to the number crunchers, the Irish economy grew by 26pc in a single year. Last week, the Kremlin's international TV station discussed Ireland. The set was bedecked with leprechaun stuffed toys.

The aforementioned American chap was not alone in his wonderment back in July.

The eyes of dismal scientists everywhere popped out on stalks when they saw the figures. Ireland's world-beating economic growth made news across the globe. But it did so because it was far too good to be true. Economies just don't grow that fast.

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