The Irish economy is a mixed economy that combines elements of both free market and government intervention. It has experienced significant growth since the late 20th century, often referred to as the "Celtic Tiger" period. Key sectors include technology, pharmaceuticals, and agriculture, with many multinational companies establishing operations in Ireland due to its favorable corporate tax rates. Ireland is a member of the European Union, which provides access to a large market and facilitates trade. The economy has shown resilience, recovering from the 2008 financial crisis, although challenges such as housing shortages and inflation remain. Overall, the Irish economy continues to evolve and adapt to global changes.