Iceland has rapidly caught up with the richest OECD economies. Favourable external conditions and good policies helped create inclusive growth, low unemployment, low inflation, and sustainable public finances. The economy is very egalitarian, and living standards are among the highest in the OECD. Yet growth is now turning sharply due to a rapid decline in tourist arrivals and weak marine exorts, with growth projected to slow to around zero in 2019.

Iceland’s economy is recovering from a deep COVID-19 recession. Fisheries and intellectual services exports are on the rise and foreign tourists are starting to come back as travel restrictions are gradually eased. The health crisis has been relatively mild so far, thanks to a smart testing and tracking strategy and a well-functioning health system.

Iceland’s economy is one of the fastest-growing in the OECD, driven by foreign tourism and strong domestic demand. The labour market is tight and wage growth robust, while high wage compression helps maintain a highly egalitarian economy.

OECD's 1979 Economic Survey of Iceland examines recent economic trends and policies, problems of demand management, and short-term prospects before drawing a series of policy conclusions.

This 2005 OECD Economic Survey of Iceland examines key economic challenges Iceland will face in coming years. The special chapter discusses the current state of product market competition in Iceland, including the legal and regulatory framework.

OECD's 1969 Economic Survey of Iceland examines current economic trends, policies and prospects before drawing a series of conclusions.

OECD's 1974 Economic Survey of Iceland examines recent economy developments and inflation in Iceland before drawing a series of conclusions.

OECD's 1975 Economic Survey of Iceland examines recent economic trends, economic prospects and policy considerations.

Lithuania’s economy is performing strongly and converging fast towards the most-developed OECD countries, driven by growing exports and investments and supported by a sound macroeconomic framework as well as a friendly business climate. For the first time since renewed independence, more people are settling in the country than leaving it. The peak of the COVID-19 crisis was one of the mildest in Europe, thanks to a well-functioning health system, effective containment measures and a relatively short lockdown. Yet prosperity is unevenly distributed across people and places. Further reform could help sustain achievements to date. Providing adequate income support for the needy, especially the elderly, and high quality social services, while improving integration into the labour market, could help reduce poverty. Stronger local and regional institutions, better education and skills particularly in rural areas and a more flexible housing market could make regional development more balanced. Finally, strengthening the regulatory framework, reducing the scope of state-owned enterprises and moving towards a low-carbon economy will help raise productivity while ensuring resilient and sustainable growth. SPECIAL FEATURES: REDUCING POVERTY; FOSTERING REGIONAL DEVELOPMENT

This 2015 OECD Economic Survey of Iceland examines recent economic developments, policies and prospects. The special chapters cover: Promoting stability and resilience; supporting long-run growth.