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Iceland selected issues

Iceland: Technical Assistance Report on a New Organic Budget Law.

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  • "Iceland: Technical Assistance Report on a New Organic Budget Law."@en
  • "This paper discusses Iceland''s Fourth Post-Program Monitoring Discussions. Iceland''s economy has grown strongly on the back of booming tourism. Real GDP grew 3.3 percent in 2013, despite a drop in investment spending. Net exports were the primary driver. High frequency indicators suggest strong net exports—including steady growth in off-season tourism—have continued in Q1 2014, along with rising private consumption. Inflation has fallen below the Central Bank of Iceland''s 2.5 percent target but long-term inflation expectations remain noticeably above this level. The government''s medium-ter."@en
  • "The paper describes the impressive economic progress made by Iceland in implementing program policies, stabilizing the exchange rate, and bringing inflation down, under a program supported by a Stand-By Arrangement (SBA). The authorities noted that key challenges are to reduce the high level of unemployment, lift capital controls, accelerate private sector debt restructuring, and strengthen financial sector supervision and regulation. The full implementation of the economic program will create favorable conditions for economic progress based on sustainable public finances, private enterprise."@en
  • "In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country."@en
  • "EXECUTIVE SUMMARYIceland's government, elected in 2013, is conducting a general review of its tax policy with a view toward making it more efficient and less distortionary.1 To this end, it has targeted VAT reform as a priority to become more reliant on consumption rather than income taxation. The narrow base and wide gap between the very high 25.5 percent main VAT rate and lower rate of 7 percent distort economic behavior and encourage tax arbitrage, evasion and lobbying.The efficiency of the Icelandic VAT is thus currently well below the European and OECD averages.To address this situation,"@en
  • "In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries."@en
  • "Iceland has made considerable progress under an economic program supported by the Stand-By Arrangement (SBA). Successful implementation of fiscal adjustment, effective use of capital controls, and financial sector restructuring have underpinned the recovery. Executive Directors emphasized that Iceland should continue to build up its stock of international reserves. They welcomed the new framework for corporate debt restructuring, passage of the 2011 budget, and the agreement on Icesave dispute. The IMF Board appreciated efforts in achieving program targets and granted a waiver for maintaining."@en
  • "KEY ISSUES Iceland's otherwise strong and stable economic position looks likely to be disrupted by significant wage hikes. Collective wage bargaining looks headed for economy-wide cumulative 3½-year nominal wage growth of 20-25 percent, along with fiscal measures costing ½ percent of GDP annually to help break an impasse between social partners. With a closed output gap and modest productivity gains, this would propel inflation well above the Central Bank of Iceland's (CBI) 2.5 percent target, generate budget pressures, erode competitiveness, and slow capital account liberalization. A decisive."@en

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  • "Electronic books"@en
  • "Electronic books"

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  • "Iceland selected issues"@en
  • "Iceland"
  • "Iceland"@en
  • "Iceland toward a new organic budget law"@en

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