For such a small nation, Iceland’s economic performance over the past five years has been amazing. On virtually any measure – income per capita, productivity, health, life expectancy, literacy – it comes at or near the top of the rankings. All this has been achieved in a remarkable turnaround since the early 1990s. The 1970s and 1980s were not a happy time for Icelanders. The economy was largely state-owned and managed, with relatively high unemployment, and over-reliance on the fishing industry.
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