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Scholars Day 2006, Wednesday, April 12

Emulating Ireland: Lessons for the Bosnian Economy

As we know it today, the economy in Ireland is composed of tariff free trade, fiscal and monetary stabilization, tax reforms, etc. However, historically, Ireland suffered from economic problems such as high unemployment and slow economic growth. These are the same problems Bosnia is facing today, and therefore, this research will focus on Irelandís and Bosnian similarities and differences. The goal of the research is to find ways in which the Bosnian economy could improve having Ireland as a role model. Over the past decade, the Irish government has implemented a series of national economic programs designed to control inflation, reduce government spending, increase labor force skills, and promote foreign investment. No other country in the world has changed its economy in such a short period of time like Ireland has done. Therefore, lessons from Ireland are valuable and could possibly be implemented in Bosnia if studied carefully. The Irish government has been extensively involved in the process of economic changes. Moreover, Ireland has been supportive of long term productivity growth through its openness to free international trade and investment, its business friendly industrial and tax policies, and its free secondary and low cost higher education. In addition, Ireland is an open economy dependent on trade, which is another successful approach in their economic reforms. Moreover, it is well known that Ireland was home for many investments from abroad thanks to its low tax and low labor costs. Those multinationals who invested in Ireland would never have stayed there if the corporate tax advantages were subject to review, change, or any uncertainty. In that aspect, Bosnia needs much improvement. Electronics, financial services, telecommunications, availability of skilled labor, low taxes, R&D development, low employment costs, and strong government support are some of the lessons from Ireland that have already been discussed and should be reviewed and implemented in Bosnia.

Presenter: Dijana Delibegovic (Undergraduate Student)
Topic: Economics
Location: 123 Hartwell
Time: 9 am (Session I)