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FRIDAY, NOVEMBER 27, 2009
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'Celtic Tiger' Has a Thorn in Its Paw

Ahern's heir inherits an Ireland whose boom is behind it

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(Newser) – In his 11 years as Ireland's prime minister, Bertie Ahern presided over explosive economic growth that earned the once-moribund nation the nickname "Celtic Tiger." But his presumptive successor, finance minister Brian Cowen, is inheriting a dismal situation: after a decade of boom, Ireland's economy is set to grow at the slowest rate in 20 years, writes Bloomberg.

Ireland's economy doubled in size during Ahern's tenure, and growth averaged 7% a year under Ahern—three times the Eurozone average. But that figure will collapse to just 2.8% in 2008 in the face of high interest rates and a slumping housing market. With the "Celtic Tiger" period drawing to a close, says one Dublin economist, "maybe Ahern is leaving at the right time."

President Bush, Irish Prime Minister Bertie Ahern and House Speaker Nancy Pelosi of calif. walk down the steps of the Capitol in Washington, Monday, March 17, 2008.
President Bush, Irish Prime Minister Bertie Ahern and House Speaker Nancy Pelosi of calif. walk down the steps of the Capitol in Washington, Monday, March 17, 2008.   (AP Photo/Gerald Herbert)
Irish Prime Minister Bertie Ahern, reacts during a press conference Wednesday April 2, 2008, in Dublin, Ireland, to announce his resignation.
Irish Prime Minister Bertie Ahern, reacts during a press conference Wednesday April 2, 2008, in Dublin, Ireland, to announce his resignation.   (AP Photo)
Irish Taoiseach (Prime Minister) Bertie Ahern with other politicians during a press conference Wednesday, April 2, 2008, in Dublin, Ireland, to announce his resignation.
Irish Taoiseach (Prime Minister) Bertie Ahern with other politicians during a press conference Wednesday, April 2, 2008, in Dublin, Ireland, to announce his resignation.   (AP Photo)
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