NDLI: Returning to work in Iceland

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OECD Economic Surveys: Iceland 2011

Basic statistics of iceland 2010

Executive summary

Assessment and recommendations

Restoring the financial sector to health

Securing sustainable public finances

Returning to work in Iceland

Ensuring a sustainable and efficient fishery

Returning to work in Iceland

Content Provider	OECD iLibrary
Organization	OECD
Abstract	Prior to the recession Iceland had one of the strongest labour markets in the OECD. High labour force participation rates and extremely low unemployment, particularly long-term unemployment and youth unemployment, were fostered by a quickly growing economy, relatively low labour taxes, and a flexible labour force. The deep recession of the past couple of years has, however, significantly impaired Iceland’s labour market. Even so, this has only moved the Icelandic labour market performance to around the OECD average in terms of unemployment. The Icelandic government has increased programmes targeted at youth and long-term unemployment, groups which otherwise would have a high likelihood of remaining without work. Further, outside of the hard hit construction sector, it appears there is little sectoral shift in the demand for labour. These features, along with continued low taxes and a flexible labour force, suggest that the Icelandic labour market is well placed to pick up strongly as economic growth resumes. Nonetheless, adjustments to labour market policies through revising courses for the unemployed to better address the needs of the labour market, increasing the size of on-the-job training programmes, and revising the structure of unemployment benefits would reduce the likelihood of an increase in structural unemployment and promote a return to work in Iceland.
Page Count	19
Starting Page	79
Ending Page	97
Language	English
Publisher	OECD Publishing
Publisher Date	2011-06-21
Access Restriction	Open
Subject Keyword	Economics
Content Type	Text
Resource Type	Chapter

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