Editor's note: Jim Boulden is a correspondent for CNN's international
programming based in London, where he covers a wide range of business
and news stories. Follow him on Twitter.
(CNN) -- Remember the Celtic Tiger?
It
was billed as a dream for Ireland; emigration slowed as tech giants
like Apple, Dell and Intel set up manufacturing plants on the outskirts
of Dublin.
They were attracted by a young, well-educated
English-speaking island in the heart of the euro zone. Other foreign
firms set up call centers and back office operations, attracted by a
corporate tax rate at 10% (now 12.5%).
Dublin buzzed and property
prices shot up. Banks were encouraged to loan money to the fast growing
building sector and everyone was flipping houses as prices soared.
Then
it spread to the rest of the country as tax breaks led to housing
estates being built in remote parts of the country, miles from services
and jobs. These loans were then bundled up and used by the bankers and
builders to invest in property overseas. Everyone seemed happy.
We
know what happened next. By November 2010 the government went
cap-in-hand to Europe and the IMF for an 85 billion euro ($117 billion)
bailout as the country took on all the debt of collapsing banks.
Ireland's post-bailout economy Ireland exits bailout, help still needed
Entrepreneurs rise in economic collapse Irish economy welcomes farming
rebirth
With that came massive austerity; about 20% of the country's
GDP has painfully been cut -- through budget cuts such as social welfare
reductions, pension freezes, tax rises.
Three years on. Where is
Ireland now? The answer lies in Dublin. As the city led the bust, it's
clear that the capital is leading the recovery on the back of social
media.
And I am promised it's different this time. Once empty
buildings and warehouses in the Docklands are filling up with the next
generation of young well-educated Irish graduates working at the next
generation of American tech names -- Google, Facebook, Twitter, Trip
Advisor, Ancestry.
There are also Japanese, Chinese and German tech
firms setting up here, attracted by the language skills they can't find
at home. The cloud has come to Dublin and is enveloping the silicon
docks.
There certainly is an argument that some of these firms are
attracted by more than a multilingual young employment pool. Even with a
rock-bottom corporate tax rate, some of the firms use tax efficiencies
to not even pay that on their European sales.
But looking beyond
that, having these firms growing in Dublin has led to a score of much
smaller, indigenous start-ups riding on the back of the bigger boys who
set the tone. And they can be right next store thanks to plenty of cheap
office space -- space none could have affording five years ago. This
simply did not happen when the likes of Dell was assembling PCs on the
outskirts.
Now, next to them are also the incubators, private equity
firms, coffee shops and hip new hotels that all seem to be needed for
this kind of area to thrive.
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