Monday, February 10, 2020

The economies of two neighbouring states Assignment

The economies of two neighbouring states - Assignment Example While the southern part of this island formed a separate republic called the Republic of Ireland, the Great Britain took hold of the Northern part and 18 provinces are under it. While Northern Ireland forms a part of the United Kingdom, the Southern part enjoys independent and separate governance. Both Ireland and Northern Ireland form an island and this is covered with green surroundings. Ireland is called the Emerald Island because of its greenery and so tourism is one of the major inputs for their economy. The economy of Ireland has transformed in the recent years from agrarian to technology based service industries. Moreover, the trade and investments in the country have made it one of the wealthiest countries in the European Union. Similarly, the economic growth of this country of the period from1995 to 2000 has brought them the name ‘Celtic Tigers’. On the other hand, the economy of Northern Ireland is the smallest in the subordinate states of U K. However, just like the Republic of Ireland, Northern Ireland also attracts many by its green surroundings and so tourism contributes heavily to the economy of the nation. Northern Ireland is a very deep rooted industrialized country and one can notice that industrialization flourished here even before it took its root at the Republic of Ireland. The nation had such industries like ship building, textiles and rope manufacturing. However, recently many heavy industries were replaced by services as in the case of The Republic of Ireland. But it is amazing that Northern Ireland has greater GDP than that of the neighbouring states like East England and Wales. Tourism plays a vital role in bringing up the economy of the Northern Ireland. Around 70% of economic output and covering 78% of employees fall in the service industry. It is also worthwhile to consider how the recent economic recession has adversely affected the economy of both the states. While there was a considerable

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