Ireland experienced considerable social and economic changes over the past two decades, and is now positioning itself as an emerging hub of technological advances and business development. Recent validation of these transformations came with the latest ratings on the Global Innovation Index, a nonprofit that measures indicators of positive development in the world's countries. Ireland placed 10th out of 126 countries the GII analysed for the 2018 edition, just as it did in 2017.
Foreign direct investment and tech exports contributed significantly to the Republic's high overall rating. Knowledge and technology outputs and infrastructure similarly boosted the GII score, with Ireland ranked fourth in the world in both of those categories.
The report's findings weren't perfect, as the GII also determined that Ireland had poor value to its domestic credit, and the nation's citizens sometimes found it difficult to access such credit, as addressed in the 29th-place position Ireland had in this category. Creative output was also less than perfect, at 19th in the world.
Nevertheless, the GII's analysis confirms the continued progress of the Irish economy much like the European Commission's recently released 2018 Interim Economic Forecast. It projected Ireland's gross domestic product will grow 5.6 percent by 2018's end - higher than any other country in the European Union.