05/11/2004 1:18:57 pm
Morning in Iceland. Iceland, where I currently am, has been an economic success story in recent years. In the 1990?s Iceland had one of the highest GDP growths in the world. Last year GDP grew by over 4 per cent. Now their GDP per capita is over 36 000 dollars. Labour force participation is 81,5 per cent and unemployment is 2,6 per cent. This is primarily the results of market-oriented reforms, led by Prime Minister David Oddson. Low inflation, de-regulated markets and lower taxes leads to increased prosperity. Surely, Iceland is a beutiful, wild, place. But it hardly strikes you as a place destinated by nature to be welthy. It is cold (very!), rocky and far away from everything. This just shows that a free economy can make any place prosperous.


The house in Reykjavik where Mikhail Gorbachev and Ronald Reagan met on October 11-12th 1986 dicussing nuclear disarmaments; one first step towards the end of the cold war.
Some key figures for Iceland?s economy - >