Rising exports are helping to restore economic growth in Iceland after the blow from the COVID-19 crisis, even though tourism is still recovering. Further diversifying the economy and pursuing structural reforms to boost productivity growth will be key to building a strong and sustainable recovery, according to a new OECD report.
Detection of foreign bribery, as well as awareness of related risks, are still lacking in Iceland. In spite of having been one of the original signatories to the OECD Anti-Bribery Convention, Iceland has only recently commenced its first foreign bribery investigation. Detection of foreign bribery by the Icelandic authorities needs therefore to be significantly improved.
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.
The family-friendly policies introduced by Nordic countries over the past 50 years and associated increases in female employment have boosted growth in GDP per capita by between 10% and 20%, according to a new OECD report.
Despite a small aid budget, Iceland stands out among donors for its commitment to supporting the poorest countries and using its expertise in areas like renewable energy, land restoration and gender equality for aid programmes that advance global goals, according to a new OECD report.
Iceland has steadily recovered from the global financial crisis, with economic activity above pre-crisis levels and a number of other visible signs of normalisation, including falling unemployment, improved public finances and stronger household finances.
The OECD Working Group on Bribery has serious concerns about Iceland’s lack of progress in combatting the bribery of foreign public officials, and to implement the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions.
Iceland must balance growth in power and tourism industries with nature conservation, OECD says Iceland has one of the world’s most pristine natural environments and its glaciers, volcanoes and hot underground springs bring major economic benefits via renewable energy and tourism.
Korea tops a new OECD PISA survey that tests how 15-year olds use computers and the Internet to learn. The next best performers were New Zealand, Australia, Japan, Hong-Kong China and Iceland.
Poverty in households with children is rising in nearly all OECD countries...