{
  "title": "Iceland: Staff Report for the 2003 Article IV Consultation",
  "publication": "IMF Staff Country Reports, August 29, 2003",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/30/iceland-staff-report-for-the-2003-article-iv-consultation-16835",
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  "summary": "Rapid growth during the second half of the 1990s led to overheating and the emergence of financial vulnerabilities by the end of the decade.",
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    {
      "heading": "Summary and principal findings",
      "content": "- Rapid growth during the second half of the 1990s led to overheating and the emergence of financial vulnerabilities by the end of the decade.\n- Over the medium term, investment projects will impart a significant impetus to economic activity, and output will grow for some years above its long-term trend pace.\n- There are significant upside risks to this medium-term central scenario.\n- Executive Directors supported the authorities' view that macroeconomic policies would have to remain restrictive to counteract the expected demand pressures over the medium term."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Maintain restrictive macroeconomic policies to offset expected demand pressures associated with the medium-term investment-driven expansion."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Balance of payments, Banking, Current account deficits, Exports, External debt, Financial Sector Assessment Program, Imports, Income, International trade, National accounts\n- Keywords: CR, Current account deficits, debt, debt ratio, exchange rate, Exports, foreign currency, Global, Imports, Income, inflation-targeting monetary policy framework, investment, investment boom, investment project, ISCR, net government debt, private sector, privatization program, Treasury budget\n\n---\n\n Content in this bundle\n\n- cr03266\n  - cr03266 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr03266 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 29, 2003",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451819243.002",
    "Rapid growth during the second half of the 1990s led to overheating and the emergence of financial vulnerabilities by the end of the decade.",
    "Over the medium term, investment projects will impart a significant impetus to economic activity, and output will grow for some years above its long-term trend pace.",
    "There are significant upside risks to this medium-term central scenario.",
    "Executive Directors supported the authorities' view that macroeconomic policies would have to remain restrictive to counteract the expected demand pressures over the medium term.",
    "Maintain restrictive macroeconomic policies to offset expected demand pressures associated with the medium-term investment-driven expansion.",
    "Subject: Balance of payments, Banking, Current account deficits, Exports, External debt, Financial Sector Assessment Program, Imports, Income, International trade, National accounts",
    "Keywords: CR, Current account deficits, debt, debt ratio, exchange rate, Exports, foreign currency, Global, Imports, Income, inflation-targeting monetary policy framework, investment, investment boom, investment project, ISCR, net government debt, private sector, privatization program, Treasury budget",
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