In the 1930s, Fianna Fáil governments attempted to create Irish domestic industries using subsidies and protective tariffs. In the late 1950s, these policies were dropped in favour of free trade with selected countries and encouraging of foreign investment with low taxes. This was expanded when Ireland entered the European Economic Community in 1973. In the 1990s and 2000s, Ireland experienced an economic boom known as the Celtic Tiger, in which the country's GDP surpassed many of its European neighbours. Immigration also surpassed emigration, bringing the state's population up to over 4 million. However, since 2008, Ireland has experienced a severe crisis in the banking sector and with sovereign debt. The resultant economic slump has deepened the effect of the world recession on Ireland.