[KALKI]

Although inflation and an unfavourable balance of trade remained difficult problems, Ireland made significant strides toward economic stability through the 1950s and '60s. In 1964 the government completed a five-year plan of economic development, which exceeded its goals. A feature of the program was the offer of tax incentives to foreign investors.

Partly as a result of such programs, the rate of economic growth increased from about 1 percent per year in the 1950s to more than 4.5 percent in the late 1960s. It was officially reported in 1964 that more than 200 factories had begun production since 1955, most of them with foreign participation. A second plan began that year with a goal by 1970 of a net increase of 50 percent in the gross national product over the 1960 level. The improving economic circumstances were regarded as the main cause of a decline in emigration, ending a population decline that had continued unabated for more than a century.