National economy put in scoring position if the lads in green can supply enough ball

Politicians from every political party may have been claiming they were responsible for the Celtic Tiger over the past number of weeks.

But the truth behind Ireland's phenomenal growth over the past decade has now been revealed. It was all down to Jack Charlton and the Republic of Ireland soccer team!

While economists and politicians for years have been pointing to demographic factors, corporate tax rates, stable government and education as the reasons behind Ireland's success, investment bank Goldman Sachs has put forward an alternative theory - that Ireland's economic success is attributable to its improved footballing prowess.

In its World Cup and Economics Book, Goldman Sachs points out that when Ireland first qualified for a major soccer tournament - the euro championships in 1988 - Irish GDP per capita on the basis of purchasing power parity was 67.3 per cent of the EU average.

Thereafter, Ireland reached the quarter finals of World Cup 1990 and the last 16 of World Cup 1994. The team was narrowly defeated in the play-offs for the last two major championships but the standard of its performances continued above its pre-1988 level, mirroring more or less the economic performance of the State where GDP has now reached 140.4 per cent as Ireland plays in its third World Cup.

In fact, charts detailing Ireland's economic progress resemble the Jack Charlton philosophy of football and follow the same trajectory of a long, high Packie Bonner punt up the field for Niall Quinn to score - remember Italia 90 against the Dutch. Obviously, in economic terms, we'll be hoping to keep the ball in the air, rather than letting it crash to earth. Ireland will obviously be hoping to win the World Cup for economic reasons as much as sporting ones, according to an analysis put forward by Goldman Sachs chief economist Mr Jim O'Neill. He points to a Financial Times story where fellow bank HSBC published an analysis showing that the stock markets of the developed countries which have won the World Cup since 1966 have outperformed global indices by 9 per cent.

"What this analysis may not have revealed is that three of the five winners, England, Germany and France all won on their home territory which could have meant that it was the construction of new stadiums and related preparation that led to a better perception of economic fortunes rather than the eventual victory," he added.

This could shed some new light on Bertie Ahern's fascination with constructing the Bertie Bowl!

Ciaran Brennan