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- Jul 5, 2023
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An excellent international perspective on the mismatch between Ireland's extremely high GDP estimates and the fact that 7 out of 10 young people desire to leave the country. Why would so many young people want to leave such a seemingly prosperous and successful country, they wonder?
On paper, Ireland appears to be a very wealthy nation with twice the GDP per capita of Sweden and Germany, two of Europe's industrial powerhouses. However, this is not actually the case. Global tech businesses artificially inflate our GDP by routing all of their international sales via Ireland to benefit from our extremely cheap corporation taxes. Although we have relatively high GDP figures, the average incomes in Ireland are less than half the GDP per capita of many of our European neighbors. In contrast, the average salaries in Europe are close to their GDP per capita. Additionally, when other statistics are examined, such as the "average household disposable income per capita"—the amount of money people have left over after paying their bills and taxes—Ireland ranks lower than the EU average and is ranked 17th on the list. The highly high wages of talented tech workers, many of whom are from other nations, are another factor that inflates average salaries; yet, the average salary of those employed in other sectors of the domestic economy is significantly lower.
The government is to fault for making it exceedingly difficult and expensive to create high density housing in cities, as well as for making it too simple for citizens to object and oppose these developments, according to a report that claims Ireland is particularly awful at creating infrastructure compared to our European counterparts. Ireland is terrible at maintaining key infrastructure, including the electricity sector. Ireland is therefore not as wealthy as its covert operations and flattering statistics might suggest.
They ask whether Ireland's GDP will decrease significantly if these multinational businesses are forced to pay their taxes elsewhere rather than in Ireland. Ireland has an extremely high level of public debt, but when this debt is reported as a percentage of GDP, everything appears fine since IT company revenues around the world inflate GDP. Irish state debt becomes a significant issue if this GDP declines.
View: https://youtu.be/fKmem7Epk8E
On paper, Ireland appears to be a very wealthy nation with twice the GDP per capita of Sweden and Germany, two of Europe's industrial powerhouses. However, this is not actually the case. Global tech businesses artificially inflate our GDP by routing all of their international sales via Ireland to benefit from our extremely cheap corporation taxes. Although we have relatively high GDP figures, the average incomes in Ireland are less than half the GDP per capita of many of our European neighbors. In contrast, the average salaries in Europe are close to their GDP per capita. Additionally, when other statistics are examined, such as the "average household disposable income per capita"—the amount of money people have left over after paying their bills and taxes—Ireland ranks lower than the EU average and is ranked 17th on the list. The highly high wages of talented tech workers, many of whom are from other nations, are another factor that inflates average salaries; yet, the average salary of those employed in other sectors of the domestic economy is significantly lower.
The government is to fault for making it exceedingly difficult and expensive to create high density housing in cities, as well as for making it too simple for citizens to object and oppose these developments, according to a report that claims Ireland is particularly awful at creating infrastructure compared to our European counterparts. Ireland is terrible at maintaining key infrastructure, including the electricity sector. Ireland is therefore not as wealthy as its covert operations and flattering statistics might suggest.
They ask whether Ireland's GDP will decrease significantly if these multinational businesses are forced to pay their taxes elsewhere rather than in Ireland. Ireland has an extremely high level of public debt, but when this debt is reported as a percentage of GDP, everything appears fine since IT company revenues around the world inflate GDP. Irish state debt becomes a significant issue if this GDP declines.
View: https://youtu.be/fKmem7Epk8E
