International economists, including Nobel-prize winner Paul Krugman, have criticised how Irish economic growth is measured.
The comments were in response to Governor of the Central Bank Gabriel Makhlouf's defence of the country's strong economic growth.
In 2015, Apple moved intellectual property assets to its Irish base, thereby helping to drive Ireland’s GDP up 25%, which led to Paul Krugman calling it"leprechaun economics".Brad Setser is an economist and senior fellow at the US think tank, the Council on Foreign Relations. He previously worked with the US Treasury, where he worked on Europe’s financial crisis.
He said Apple essentially reports all of its foreign operations as running through Ireland, which registers in Irish GDP data,"even though I don't think anyone in Ireland sits and sees Apple as a huge Irish company, as a huge Irish employer so there is a fundamental mismanagement of the true size of the Irish economy".
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