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

International Monetary Fund

No 2008/367, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; consultation informational annex; consultation; foreign exchange position; deficit; consumer confidence; króna depreciation; price inflation; debit card turnover; Inflation; Financial statements; Loans; Global (search for similar items in EconPapers)
Pages: 53
Date: 2008-12-08
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