Iceland’s Amazing Comeback Since The 2008 Crisis: Some NumbersDecember 9, 2012 9:05 am
We spotted some stunning stats around how Iceland has come back since the financial crisis of 2008 – we all do remember that Iceland was among the worst hit countries overall.
“Few countries blew up more spectacularly than Iceland in the 2008 financial crisis. The local stock market plunged 90 percent; unemployment rose ninefold; inflation shot to more than 18 percent; the country’s biggest banks all failed.
This was no post-Lehman Brothers recession: It was a depression.
Since then, Iceland has turned in a pretty impressive performance. It has repaid International Monetary Fund rescue loans ahead of schedule. Growth this year will be about 2.5 percent, better than most developed economies. Unemployment has fallen by half. In February, Fitch Ratings restored the country’s investment-grade status, approvingly citing its “unorthodox crisis policy response.””