Over the past years, favourable external conditions and good macroeconomic policies helped Iceland to nurture high growth, low unemployment, low inflation, and sustainable public finances. Living standards are among the highest in the OECD.
Sound macroeconomic policies and favourable external conditions have enabled Iceland’s economy to emerge stronger from a decade of post-crisis management. Yet the impact on growth from a drop in tourist arrivals and seafood exports underlines the need for reforms to open up and diversify the economy and improve its resiliency to sectoral shocks, according to the latest OECD Economic Survey of Iceland.
Mr. Angel Gurría, Secretary-General of the OECD, will be in Reykjavik on 15-16 September 2019 to present the 2019 OECD Economic Survey of Iceland, alongside Mr. Bjarni Benediktsson, Minister of Finance and Economic Affairs, and Ms. Lilja Alfredsdottir, Minister of Education, Science and Culture of Iceland.
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Objectif croissance 2017 - Islande
L’Islande se caractérise par des niveaux de vie élevés, un faible taux de pauvreté et une forte inclusivité, et son système de retraite est l’un des plus viables.
En Islande, le tourisme connaît un formidable essor. Le nombre de touristes visitant le pays chaque année a quadruplé entre 2010 et 2016 et tout indique que ce dynamisme va se poursuivre. De fait, le secteur du tourisme, qui est aujourd’hui la principale source de recettes d’exportations, crée également des emplois et voit se multiplier les créations d’entreprises.
Icelandic labour market is flexible with high labour market participation, low unemployment, and labour supply dynamically responds to the economic cycle.
Étude économique de l'Islande 2017
Iceland is the OECD's fastest growing economy. It has made a remarkable turnaround from the crisis, helped by booming tourism, prudent economic policies and a favourable external environment. Iceland has an egalitarian society with strong trade unions, very low inequality and high gender balance. Nevertheless, as a very small open economy Iceland is prone to boom and bust cycles. Prudent fiscal and monetary policy are warranted in the current economic boom.
The spectacular growth in tourist numbers has provided new jobs, boosted tax revenues and attracted currency inflows, but there are some growing pains with social pressures emerging. Growing tourist numbers are putting pressure on the environment, infrastructure and housing. Furthermore, the strengthening króna has created difficulties for other internationally-exposed sectors.
Iceland is the most highly unionised OECD country and the wage-bargaining system has contributed to high living standards and an inclusive society. Nevertheless, recent disruptive strikes and high wage awards have intensified inflationary pressures and threaten competiveness. Fostering trust among the social partners and increasing wage coordination would make collective bargaining more effective and help sustain the benefits of the system for future generations.
SPECIAL FEATURES: SUSTAINABLE TOURISM; EFFECTIVE LABOUR RELATIONS
The latest OECD Economic Survey of Iceland, to be published on Tuesday 27 June, analyses the factors behind the country’s remarkable economic turnaround as well as steps that can be taken to preserve sustainable and inclusive growth.