{
  "title": "Iceland: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Iceland",
  "publication": "IMF Staff Country Reports, June 23, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/06/21/iceland-2023-article-iv-consultation-press-release-staff-report-and-statement-by-the-535050",
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  "summary": "The 2023 Article IV Consultation discusses that the Icelandic economy has shown remarkable resilience and rebounded quickly from the multiple shocks in recent years.",
  "sections": [
    {
      "heading": "Macroeconomic overview and outlook",
      "content": "- The Icelandic economy \"has shown remarkable resilience and rebounded quickly from the multiple shocks in recent years.\"\n- The economy is \"currently operating well above potential.\"\n- Growth projections:\n  - \"3.2 percent in 2023\"\n  - \"1.9 percent in 2024\"\n- The medium-term outlook is described as \"favorable.\""
    },
    {
      "heading": "Inflation, prices, and external imbalances",
      "content": "- Inflation is \"significantly above target.\"\n- Contributing factors to inflation and imbalances:\n  - \"high import and house prices\"\n  - Operating above potential\n- The above has \"contributed to external imbalances.\""
    },
    {
      "heading": "Near-term dynamics and domestic demand",
      "content": "- Near-term moderation drivers:\n  - \"policy tightening\"\n  - \"headwinds from the deteriorating terms of trade\"\n- Expected effects:\n  - These factors \"will dampen domestic demand and reduce imbalances.\"\n- Private consumption:\n  - \"Private consumption growth is likely to remain robust on a further drawdown of household savings and strong employment growth supported by continued immigration.\""
    },
    {
      "heading": "Financial sector risks",
      "content": "- Potential funding pressure:\n  - \"Banks could face funding pressures if pension funds were to re-direct their investments from domestic to foreign markets.\""
    },
    {
      "heading": "Publication metadata and identifiers",
      "content": "- Pages: 90\n- Volume: 2023\n- Issue: 217\n- Series: Country Report No. 2023/217\n- DOI: https://doi.org/10.5089/9798400246784.002\n- Stock No: 1ISLEA2023001\n- ISBN: 9798400246784\n- ISSN: 1934-7685\n\nInternational Monetary Fund. Iceland: 2023 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Iceland\n\n---\n\n Content in this bundle\n\n- 1. Key Macroeconomic Developments\n  - 1. Key Macroeconomic Developments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1. Key Macroeconomic Developments (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 23, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400246784.002",
    "The Icelandic economy \"has shown remarkable resilience and rebounded quickly from the multiple shocks in recent years.\"",
    "The economy is \"currently operating well above potential.\"",
    "Growth projections:",
    "The medium-term outlook is described as \"favorable.\"",
    "Contributing factors to inflation and imbalances:",
    "The above has \"contributed to external imbalances.\"",
    "Near-term moderation drivers:",
    "Expected effects:",
    "Private consumption:",
    "Potential funding pressure:",
    "Pages: 90",
    "Volume: 2023",
    "Issue: 217",
    "Series: Country Report No. 2023/217",
    "DOI: https://doi.org/10.5089/9798400246784.002",
    "Stock No: 1ISLEA2023001",
    "ISBN: 9798400246784",
    "ISSN: 1934-7685",
    "**1. Key Macroeconomic Developments**"
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