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Edition: U.S. Article Comments (0) Email Print Reprints Full Focus Editor's choice A selection of our best photos from the past 24 hours. Full Article Read Teenage boys survive 50 days adrift in South Pacific 25 Nov 2010 North Korean leader and son visited artillery site: reports | 25 Nov 2010 Korean peninsula on brink of war due to drills: North Korea 25 Nov 2010 North Korea says U.S.-South Korea exercises bring war closer | 2:31am EST Exclusive: Corruption charges to feature in WikiLeaks release 24 Nov 2010 Discussed 197 Obama’s Democrats in disarray over expiring tax cuts 100 Obama’s 2012 re-election prospects uncertain: poll 69 Wesley Snipes ordered to prison for tax conviction Watched Bejeweled bra exposed in NY Thu, Oct 21 2010 Row over vote orgasm video Fri, Nov 19 2010 High tech shopping with apps Wed, Nov 24 2010 Green Business Investors hope climate deal on track Investors in "green" assets hope that upcoming U.N. climate talks in Mexico will salvage a deal to cut greenhouse gas emissions in 2011, and in the meantime widen and simplify existing carbon markets. Full Article Copenhagen Accord: Climate guide or too weak? Japan: Extending Kyoto "meaningless" Worst of times, best of times: tale of two Irelands Tweet This Share on LinkedIn Share on Facebook By Peter Graff DUBLIN (Reuters) - Country A is drowning. A catastrophic recession has thrown a tenth of its workforce out of jobs in just two years. Firms are shutting, banks are barely solvent and the IMF has been called in to bail out the... Related News Timeline: Ireland unveils new austerity plan Thu, Nov 25 2010 Ireland set for majority stakes in top banks Thu, Nov 25 2010 UPDATE 3-Ireland set for majority stakes in top banks Wed, Nov 24 2010 WRAPUP 6-EU urges feuding Irish not to delay budget Tue, Nov 23 2010 Q+A: How will Ireland's bailout work? Mon, Nov 22 2010 Related Topics World » A pedestrian walks past a sign outside a cafe displaying a menu relating to the current economic climate, in Dublin November 23, 2010. Credit: Reuters/Cathal McNaughton By Peter Graff DUBLIN | Thu Nov 25, 2010 8:12pm EST DUBLIN (Reuters) - Country A is drowning. A catastrophic recession has thrown a tenth of its workforce out of jobs in just two years. Firms are shutting, banks are barely solvent and the IMF has been called in to bail out the government from crushing debt. The standard of living is eroding, taxes are being hiked, state spending is being slashed, and the deeply unpopular government is being forced into an election it is certain to lose. Country B has a huge and growing trade surplus. It is attracting a flood of international investment from global firms, building thriving hi-tech export industries. Exports grew this year by 6 percent and now amount to more than $50,000 per person. Taxes are low and staying low, and the English-speaking population is highly skilled. Both countries are Ireland. And therein lies a tale, or rather two tales: of a domestic economy that is in tatters, side by side with a global export economy in the rudest of health. In some respects, the success of Ireland's export economy obscures just how thoroughly ruined its domestic economy has been by the bursting of its property bubble in 2008. Whole industries have completely vanished in a matter of months. Since government revenue depends mainly on domestic economic activity, the sudden fall in output has blown apart what were once exemplary public finances. Once again, the Irish are leaving an island that seems unable to support them, a particularly resonant omen in a country that had finally reversed centuries of emigration. But while all that misery has piled up, Ireland's "Celtic tiger" export economy has quietly continued purring. TRANSFORMED The story has been often told of how Ireland was transformed in the 1990s from one of the poorest countries in Europe to one of the richest by attracting exporters, especially American firms who turned it into their base for European operations. U.S. firms have invested more in Ireland than in Brazil, China, India and Russia combined, says Joanne Richardson, CEO of the American Chamber of Commerce. The clout of those businesses was on display on Thursday when Finance Minister Brian Lenihan, fresh from announcing 15 billion euros in spending cuts and domestic tax rises, addressed the American Chamber of Commerce's annual Thanksgiving lunch. In between the pork and pheasant terrine and the roast turkey, he reassured a ballroom full of U.S. business chiefs that Ireland's 12.5 percent corporate tax rate was untouchable. That tax rate, far lower than in the other countries of Western Europe, has been Ireland's calling card in competing for international investment. It infuriates European neighbors that are now funding Ireland's bailout and think it competes unfairly with their higher rates, but it remains popular in Ireland. Ireland's main political parties are committed to keeping it, and even argue with each other over who will do a better job defending the low rate from outside meddlers that want it hiked. With growth slowing in the United States and Europe, Barry O'Leary, head of Ireland's investment promotion agency IDA, has his eyes on attracting investment from Asia. The IDA has opened offices in Mumbai, Shanghai, Moscow and Sao Paolo, and is opening new ones in Shenzen, Singapore and Bangalore. 1 2 Next World Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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