Celtic Tiger refers to the economy of the Republic of Ireland between 1995 and 2000, a period of rapid real economic growth fuelled by foreign direct investment, and a subsequent property price bubble which rendered the real economy uncompetitive. The Irish economy expanded at an average rate of 9.4% between 1995 and 2000 and continued to grow at an average rate of 5.9% during the following decade until 2008, when it fell into recession. The term refers to Ireland's similarity to the East Asian Tigers: Hong Kong, Singapore, South Korea, and Taiwan during their periods of rapid growth. An Tíogar Ceilteach, the Irish language version of the term, appears in the official terminology database and has been used regularly in government and administrative contexts.
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