Dilina Perera

The Astonishing Economic Transformation of Ireland

A Remarkable Turnaround: Ireland's Journey to Economic Success In the aftermath of the 2007 U.S. housing bubble collapse, which triggered a global recession, few countries were hit as severely as Ireland. Plagued by the world's largest real estate bubble and plummeting housing prices of a staggering 56 percent, the nation faced a dire economic crisis. Bank defaults rippled nationwide, leading to layoffs and pushing the Irish economy to contract nearly 25 percent. A bailout of $67 billion from the IMF managed to avert complete collapse, but recovery was slow.