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OECD Economic Surveys: Iceland 2005

image of OECD Economic Surveys: Iceland 2005

This 2005 OECD Economic Survey of Iceland examines key economic challenges Iceland will face in coming years. In particular, it looks at the effects of planned large-scale investments in power-intensive industries. As always, the report provides a comprehensive overview of the macroeconomic situation and outlook, monetary management, and the fiscal stance. The chapter on structural policy looks at employment and environmental issues Iceland will face as a result of the large investments in power-intensive industries. The final chapter discusses the current state of product market competition in Iceland, including the legal and regulatory framework, and suggests directions for further improvement.

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The Role of Structural Policies

This chapter deals with the role structural policies will have to play if the benefits of the expansion of power-intensive industries are to be reaped. Immigration policy has been quite flexible in allowing foreigners to be employed at the construction sites. Vocational training of Icelanders has remained modest. Despite a substantial increase in public spending, educational attainments are still unsatisfactory, although there are signs of improvement. The authorities have attempted to limit damage to the environment by imposing design changes to the investment projects.

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