Iceland

Received from: Iceland
Category: Klub Polki na Obczyźnie
Date: November 2015

Iceland has a market economy with relatively low taxes compared to other OECD countries. It maintains a Nordic social welfare system that provides universal health care and tertiary education for its citizens. Iceland ranks highly in economic, political and social stability and equality. In 2013, it was ranked as the 13th most-developed country in the world by the United Nations' Human Development Index. Iceland runs almost completely on renewable energy. Affected by the ongoing worldwide financial crisis, the nation's entire banking system systemically failed in October 2008, leading to a severe depression, substantial political unrest, the Icesave dispute, and the institution of capital controls. The economy has since made a significant recovery, in large part due to a surge in tourism.