Iceland: 2008 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Iceland

December 8, 2008

Preview Citation

Format: Chicago

Iceland: 2008 Article IV Consultation: Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Iceland, (USA: International Monetary Fund, 2008) accessed November 23, 2024

Summary

Iceland’s 2008 Article IV Consultation shows that the long expansion is coming to an end, exposing the economy’s overstretched private sector balance sheets, large macroeconomic imbalances, and high dependence on foreign financing. With external liquidity constraints binding, economic activity is expected to slow significantly from unsustainably high levels, inflation to remain well above target, and the current account to narrow. Uncertainty surrounding the outlook is unusually large, dominated by significant downside risks, both external and domestic.

Subject: Banking, Financial institutions, Financial statements, Fiscal policy, Inflation, Loans, Prices, Public debt, Public financial management (PFM)

Keywords: Consultation, Consultation informational annex, Consumer confidence, CR, Debit card turnover, Deficit, Financial statements, Foreign exchange position, Global, Inflation, ISCR, Króna depreciation, Loans, Price inflation

Publication Details

Pages:

53
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2008/367
Stock No:

1ISLEA2008002
ISBN:

9781451819380
ISSN:

1934-7685

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