Ireland
Ireland was the 30th largest economy in the world by nominal GDP in 2018. GDP per capita is $78,806 USD, well above the average for OECD and High Income Countries. It is a well-developed and open economy with a population of 4.8m in 2018. It is ranked 6th in the World Bank's Human Capital Index, and trade was at 211 percent of GDP in 2018. Its economy is also diverse with a ranking of 13th in the Economic Complexity Index (2017). It is a member of the EU and OECD. Services was the largest economic sector in 2018 (56 percent of GDP), followed by manufacturing (32 percent), and agriculture (0.9 percent). In 2017, the largest export sectors were services (52 percent), chemicals (26.4 percent), machinery (7.3 percent), agriculture (5.2 percent), and electronics (4.65 percent). The largest individual exports were ICT services (39.4 percent), insurance and finance (8.3 percent), medicaments packaged (7.4 percent), and serums and vaccines (6.8 percent). Its largest export partners were the USA (27.3 percent), the UK (11.2 percent), Belgium (9.7 percent), and Germany (7.4 percent). The largest goods imports were fixed wing aircraft greater than fifteen thousand kilograms (17.3 percent), blood (5.9 percent), and cars (3 percent). After independence from the UK in 1922, Ireland turned to import substitution and a focus on the domestic market, but by the 1950s the economy was struggling and emigration was high. By 1958, Ireland had changed course, embracing free trade, foreign investments, and international integration. It negotiated a free trade agreement with the UK in 1965, joined GATT in 1966, and the European Economic Community in 1973. It also cut corporate tax rates and invested heavily in education and infrastructure. The oil shocks, high inflation, and high public debt led to a slowdown in growth in the late 1970s and a recession in 1983. The government responded by decreasing government spending and by reducing wage growth through an agreement with employers, unions, and farmers. The government also continued its policy of attracting FDI and established the International Financial Services Centre in Dublin. The economy grew strongly in the 1990 and 2000s, earning the nickname the "Celtic Tiger". The global financial crisis and European debt crisis interrupted growth and an EU-IMF bailout was needed after the government took on much of the debt of the banking sector following the collapse of a property bubble. The economy has recovered strongly since. It has continued to attract FDI, including by some of the world's biggest tech firms. This has led to international pressure to reduce tax loopholes and incentives.