From Iceland — Pessimism Growing Amongst Icelanders

Pessimism Growing Amongst Icelanders

Published August 31, 2011

Despite decreasing unemployment and a recovering economy, Icelanders are growing increasingly pessimistic about the near future of their country.
The general degrees of optimism and pessimism are measured in the country monthly by Gallup, on a scale called the Hope Index. Eyjan reports that for three months in a row, pessimism has been increasing.
Íslandsbanki expressed surprise at the results: despite the fact that the job market has not been as good as it is since January 2009, and that the Central Bank is predicting greater economic growth than was expected, overall pessimism about the economy is greater than it has been this year, and is actually lower this month than it was in August 2010.
However, taking a broader view shows a slightly different picture. In the graph displayed in the Íslandsbanki article, the past three years have shown a gradual trend – valleys of deep pessimism grow increasingly shallower. This may indicate that while pessimism swings up and down on a monthly scale, optimism may be growing when viewed in terms of years.

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