On November 29, 2024, Ireland is conducting parliamentary elections, with the ruling coalition facing significant challenges despite a robust national treasury. The country boasts a budget surplus of €8.6 billion, bolstered by an additional €14 billion in taxes from Apple, yet many citizens report financial strain.
Historically, Ireland has transformed from a troubled economy to one of the wealthiest in Europe, with a theoretical GDP per capita ranking third globally. However, much of this income is derived from taxes levied on international corporations that have established their EU bases in Ireland, particularly following Brexit.
Rising living costs, especially in housing, have become a pressing issue for many Irish citizens. Families are struggling with skyrocketing rents, which have doubled in some cases, leaving many in a state of financial insecurity despite being employed.
In the past year alone, approximately 150,000 people have migrated to Ireland, exacerbating the housing crisis. This influx includes Ukrainian refugees, leading to increasing public sentiment against immigration and a rise in nationalist and xenophobic rhetoric.
The current government coalition, led by Prime Minister Simon Harris, maintains a policy of fiscal conservatism, aiming to establish a sovereign wealth fund similar to Norway's. However, critics argue that the government must take more direct action to address the housing shortage.
Despite growing public dissatisfaction, political analysts suggest that the ruling parties, Fianna Fáil and Fine Gael, are likely to secure enough votes to maintain their coalition government, although they may need to seek new partners for support.