OECD Economic Surveys : Iceland 2023 / OECD, OCDE.

Format:

Book

Author/Creator:

OECD, author.

OCDE, author.

Contributor:

OCDE, author.

Series:

OECD Economic Surveys: Iceland Series

OECD Economic Surveys: Iceland

Language:

English

Subjects (All):

Economics.

Physical Description:

1 online resource (120 pages).

Edition:

1st ed.

Other Title:

OECD Economic Surveys

Place of Publication:

Paris : OECD Publishing ; : Éditions OCDE, 2023.

Summary:

Immigration has increased rapidly since the late 1990s, driven largely by strong economic growth and high standards of living. By mid-2023, foreign citizens made up around 18% of the population. This has brought important economic benefits to Iceland, including by boosting the working age population and helping the country to meet labour demands in fast-growing sectors. However, there are important challenges regarding the integration of immigrants and their children that need to be addressed through a comprehensive approach, helping to make the most of immigration. Successful labour market integration of immigrants requires more effective language training for adults and an improvement in skills recognition procedures. At the same time, immigrants need more opportunities to work in the public sector and the adult learning system should be adjusted to better encompass their training needs. Strengthening language skills is key to improving the weak educational outcomes of immigrant students. Enhancing teachers' preparedness to accommodate students' diverse educational needs is another pre-requisite. Strengthening integration further hinges upon meeting the housing needs of the immigrant population, including through an increase in the supply of social and affordable housing.

Contents:

Intro

Foreword

Basic statistics of Iceland, 2022

Executive Summary

The economy remains strong, but inflation persists

Monetary and financial policies are being tightened

Fiscal policy should be tightened more

Improving the business climate

Making the most of immigration

Decarbonising the economy

1 Key Policy Insights

1.1. Introduction

1.2. The economy remains strong despite some signs of cooling

1.2.1. Growth has peaked

1.2.2. The labour market remains tight, and imbalances deepen

1.2.3. Competitiveness could decline again

1.2.4. The external sector has improved overall

1.3. Monetary and financial policies are being tightened

1.3.1. The central bank has reacted resolutely to the inflation spike

1.3.2. The financial system looks resilient

1.3.3. Pensions funds are systemically important

1.3.4. Cybersecurity and anti-money-laundering efforts are being stepped up

1.3.5. The housing market is cooling, but risks remain

1.4. Further fiscal tightening is needed

1.4.1. The budget balance is improving

1.4.2. Public spending quality has room to improve

1.4.3. Ageing costs will increasingly weigh on the budget

1.4.4. Tax levels are average but marginal tax rates are high for working families

1.5. The business climate should improve to raise productivity

1.5.1. Barriers to entry are considerable

1.5.2. Temporary changes to the insolvency framework should become permanent

1.5.3. Support for innovation is generous

1.5.4. Iceland is addressing corruption vigorously

1.6. Climate action is progressing gradually

References

2 Immigration in Iceland: addressing challenges and unleashing the benefits

2.1. Introduction

2.2. Immigration patterns in an international context

2.3. Immigration policy is flexible but there is scope to attract more skilled labour.

2.4. The economic impact of immigration is closely related to integration

2.4.1. The impact of immigration on GDP per capita

2.4.2. Labour market impacts

2.4.3. The impact of immigration on education

2.4.4. The impact of immigration on the housing market

2.4.5. The fiscal impact of immigration

2.5. Improving the labour market integration of immigrants

2.5.1. On average, immigrants have worse labour market outcomes than natives

2.5.2. Providing effective language training to adult immigrants

2.5.3. Ensuring efficient and timely assessment procedures for skills recognition

2.5.4. Helping immigrants gain job experience

2.5.5. Fostering employment of immigrants in the public sector

2.5.6. Strengthening immigrants' skills through adult learning and bridging courses

2.6. Enhancing the educational outcomes of immigrants' children

2.6.1. A large gap remains between the school performance of immigrant and native students

2.6.2. Improving the language skills of students with an immigrant background

2.6.3. Equipping immigrant students with solid vocational skills

2.6.4. Preparing teachers to address the educational needs of immigrant students

2.7. Meeting the housing needs of immigrants

2.7.1. Immigrants incur burdensome housing costs and face poorer housing conditions

2.7.2. Policies to better accommodate immigrants' housing needs and help integration

References.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-66321-5