The post-2008 Irish economic downturn, coincided with a series of banking scandals, followed the 1990s and 2000s Celtic Tiger period of rapid real economic growth fuelled by foreign direct investment, a subsequent property bubble which rendered the real economy uncompetitive, and an expansion in bank lending in the early 2000s. An initial slowdown in economic growth amid the international financial crisis of 2007–08 greatly intensified in late 2008 and the country fell into recession for the first time since the 1980s. Emigration, as did unemployment (particularly in the construction sector), escalated to levels not seen since that decade.