• Smaller government, deregulation  • Bigger government, re-regulation  • Rise of China and emerging economies  • Growth convergence  • Globalization, market integration, global supply chain  • Deglobalization, market fragmentation, economic security  • Large labor supply  • Declining and aging population  • Carbonized  • Decarbonization (greenflation)  • Peace dividend  • Wartime economy 2  Chart 3  I.
As I have noted in the past, Ireland’ s fast growth period in 1990s does not seem to have been finance-rich: before the property bubble Ireland’ s growth performance had other drivers than the Irish financial sector both in good and in bad times.