Here's why:
* Economic Growth Slowed: The Irish economy, which had experienced rapid growth throughout the 1990s and early 2000s, started to slow down significantly in 2008.
* Property Bubble Burst: The property bubble, a key driver of the Celtic Tiger, burst in 2008. This led to a sharp decline in construction activity and a rise in unemployment.
* Financial Crisis: The global financial crisis, which began in 2008, had a major impact on the Irish economy. Banks were heavily exposed to the crisis and required a government bailout.
* Recession: Ireland entered a deep recession in 2008, with GDP shrinking by over 10%.
While the Celtic Tiger began to show signs of strain before 2008, the year 2008 marked a significant turning point, signifying the end of the period of rapid economic growth and the beginning of a period of economic hardship.