The economy of a country highly affects the well-being and the association to the global evolutionary trend. On the one hand, it is the responsibility of the government to ensure the nation experiences a higher mark on growth and development. On the other hand, the health of an individual mainly relies on the ability to access the dynamic amenities while intensifying the social capital. Irish is one of the states with a small and open economy hence the frequent issues on the performance index.
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There are three components that impact the wealth of territory and include the traditional, holistic, and added value. In this case, the Irish face a profound challenge due to the high dependence on the international production rate through its adoptive system (Holton et al. 2020). The implementation of policies that boost the interdependence between Irish and other principalities renders an optimal solution to the underlying issue of inequality in the distribution of benefits and opportunities.
The main challenge that the Irish government faces is the disparity in employment opportunities among the citizens. One of the vital indicators of economic performance is the gross domestic product. The concept encompasses the measure of the value of goods and services offered within a particular territory. In 2020, the Irish administration noticed a profound decrease in the GDP at a rate of 5 percent (Honohan 2021). As a result, the business confidence dropped at a margin of 55 percent while the debt to other countries increased by 3 percent. Primarily, the GDP is a measure of the attainment of a marker involving the financial state and shows proficiency on the growth and development.
A developed country is highly characterized by a consistent change in administrative policies. In most cases, governments spearhead growth initiatives such as infrastructural development, but it lacks to enhance the trickle-down effect of benefits. The advancement in the amenities ensures the penetration of entrepreneurs to various areas while boosting social security among the communities (McCormack 2020). However, it is also essential that the authority address certain core issues during the implementation of action plans. These issues include the standard Gross National Income, Gross Domestic Product, and environmental diversities.
A developed country with a small and open market faces the challenge of constant change and competition, both nationally and internationally. Gross National Income refers to the valuation of the products and services produced in the country, while Gross Domestic Product entails citizens’ output production. The government must incorporate the Gross National Income index in the developmental programs due to the competence and marketability of products and services.
Apart from development, the health of citizens affects the growth of the nation. Therefore, promoting the production of high-quality products and services for national and international consumption enhances citizens’ healthiness (Honohan 2021). The integration of developmental policies with the essence of the Gross National Income increases the country’s healthiness index and the marketability of the commodities to the global population.
In a different spectrum, the Gross Domestic Product is a multidimensional phenomenon that significantly contributes to growth and development. As the measuring tool of the output produced by citizens, the concept encapsulates an avenue to boost a country’s growth through policies. The level of output is a reflection of the citizens’ opportunity to accumulate wealth from the dynamic, profitable engagements. Therefore, promoting functional health policies renders safety among the citizens during on and off duties.
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Primarily, GDP and GNI are interdependent variables whose values get highly affected by the changes. The Irish government should incorporate in the economic program the optimization of environmental diversities. The lack of compatibility between the development projects and ecology discredits sustainable growth due to the limitation of trickle-down benefits (Honohan 2021). Different surroundings demand various ideologies. The importance of integration encompasses the capacity to promote the proper exploitation of resources without compromising the aesthetic value.
Government development programs should address certain issues as the GDP, GNI, and environmental diversity. The three elements are interdependent mainly because they address the healthiness of society and the regulations based on the exploitation of natural resources. The adverse development programs render significant exploitation of natural resources. As a result, to promote the production of high-quality goods and services, the government must ensure the workers’ safety and protection across the nation. The Irish authority faces a threat based on its structured system. Therefore, it is the accountability of the administration to address the margin of the key indicators under the spectral view of happiness, competitiveness, and an increase in living conditions among the residents.
Alaminos, D., Becerra-Vicario, R., Fernández-Gámez, M. Á., and Cisneros Ruiz, A. J. (2019). Currency crises prediction using deep neural decision trees. Applied Sciences, 9(23), 5227.
Holton, N., Kinsella, M., Mangan, O., McLaughlin, S., and Quill, P. (2020). Consistency in a Globalised Economy: Aligning the Treatment of R&D in the Irish National Accounts and Balance of Payments. Economie & Statistique, (517-518-519), p.191.
Honohan, P. (2021). Is Ireland really the most prosperous country in Europe?. Economic Letters, 2021, pp.1-8.
McCormack, L. (2020). The impact of non-performing exposures on Ireland’s economic growth (Dublin, National College of Ireland).