"Iceland Is Fucked," Says Economist - The Reykjavik Grapevine

“Iceland Is Fucked,” Says Economist

Published January 14, 2009

Iceland is pretty much royally fucked, and will be for a while, says UK
mag The Ecomonist’s Intelligence Unit in a report posted on the lauded
publication’s web-site last week.
“At a time when the global economy is entering its deepest recession in
decades, the immediate impact on the tiny island nation will be
especially brutal, with a double-digit contraction in economy activity
expected in 2009. And with the burden of debt and the rate of
unemployment both set to rise sharply, the medium-term outlook offers
little respite.”
And that’s just from the article’s introduction paragraph!
Read The Economist’s full assessment of the sorry state of Iceland here.

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