IMD World Competitiveness Booklet 2020

COMPETITIVENESS TRENDS - OVERALL ICELAND

OVERALL PERFORMANCE (63 countries)

BASIC FACTS Capital Land area (square km '000)

Rank

Reykjavik

2016 2017 2018 2019 2020

103 2019

122.607 2019

20

20

Exchange Rate (per $)

21

23

24

0.36 2019 24.2 2019

63

Population - market size (millions)

CHALLENGES IN 2020 Following up on the success in fighting Covid-19 by avoiding a second wave of the epidemic. • Following up on the success in fighting Covid-19 by avoiding a second wave of the epidemic. • Coordinating policy efforts to minimise negative and prolonged impact of Covid-19 on the economy. • Ensuring that tourism, Iceland‘s largest export, starts recovery as soon as possible. • Meanwhile, not losing long-term focus and address other challenges Iceland faces. • Planting the seeds for the next growth phase by enhancing innovation.

62

Gross Domestic Product (GDP) (US$ billions)

56,153 2019 1.9 2019 3.01 2019 3.50 2019 0.21 2019 5.81 2019 9.1 2018 -1.80 2019

12

GDP (PPP) per capita (US$)

36

Real GDP growth (%)

49

Consumer price inflation (%)

13

Unemployment rate (%)

63

Labor force (millions)

14

Current account balance (% of GDP)

63

Direct investment stocks inward ($bn)

Icelandic Chamber of Commerce, Reykjavik Provi ed by: Icelandic Chamber of Commerce, Reykjavik

58

Direct investment flows inward (% of GDP)

COMPETITIVENESS LANDSCAPE

Economic Performance

Government Efficiency

Business Efficiency

Infrastructure

Domestic Economy

International Trade

International Investment Employment Prices

Public Finance

Tax Policy

Institutional Framework Business Legislation

Societal Framework

Productivity & Efficiency Labor Market Finance

Management Practices

Attitudes and Values

Basic Infrastructure

Technological Infrastructure Scientific Infrastructure

Health and Environment Education

1

2

6

6

8

10

17

18

18

21

23

23

32

33

34

35

55 57 57

60

PEER GROUPS RANKINGS EUROPE - MIDDLE EAST - AFRICA (40 countries)

POPULATIONS < 20 MILLION (34 countries)

2016 2017 2018 2019 2020

2016 2017 2018 2019 2020

13

13

14

14

14

14

16

16

15

15

75

IMD WORLD COMPETITIVENESS BOOKLET 2020