The Republic of Ireland is a parliamentary democracy, independent from the [[United Kingdom (UK)]] since 1922. The country transformed from a largely agricultural economy to become known as the "Celtic Tiger" due to rapid economic growth in the 1990s and 2000s. As an [[European Union (EU)]] member state, Ireland uses the euro and has leveraged its low corporate tax rates and educated workforce to become a major hub for multinational corporations, particularly in technology and pharmaceuticals. Key economic strengths include information technology, pharmaceuticals, financial services, agriculture (especially dairy), and food production. The country benefits from its strategic position as an English-speaking EU member, attracting significant foreign direct investment, particularly from companies in the [[United States of America (USA)]]. Despite experiencing a severe downturn during the 2008 financial crisis, Ireland has recovered strongly, though faces challenges with housing affordability and regional development outside Dublin.