In the great game of business there are always winners and losers. And during dangerous times such as these, the contrast between the two is greater than ever.

Last week I paid a sobering visit to one of the great losers from this recession: Ireland. The country has taken a savage battering and the pain appears to be far from over. Debt and a ferocious love affair with real estate mean the Celtic Tiger is a wounded beast. The 65 per cent fall in the value of Dublin property could well be a greater collapse than in any other city on earth. The price declines continue, since Ireland’s insolvent banks are unwilling to grant mortgages except on the stiffest terms, and so many owners are forced sellers. The construction industry has shrunk dramatically, while unemployment has trebled. Understandably the mood among entrepreneurs there is bleak.

Of course, Ireland is a resilient nation, with a young and well-educated population – but nevertheless it faces a testing journey back to prosperity. Australia, on the other hand, has avoided a recession altogether. Mining, agriculture and regional neighbours such as China mean the “lucky country” has recaptured its nickname. It is the only developed economy that has grown consistently since the crisis started in 2008.