According to a new report by Arion Bank Iceland will need to import at least 5,000 people in the next four years to ensure an adequate labour supply. An economist at the bank argues the primary reason is the tourism boom, which is already starting to cause significant tension on the labour market.
After some minor emigration following the financial collapse of 2008, when unemployed Icelanders sought work abroad, primarily Norway, Iceland has again been importing labour since 2012 as more people have immigrated than emigrated.
The primary driver of these developments has been the tourism industry and a strong economy. The local news site visir.is quotes Anna Hrefna Ingimundardóttir as pointing out that the bank has recently revised upward its growth projections for this year. Economists at Arion estimate that the GDP of Iceland will grow by 5.4% over the current year. According to the report growth will then slow somewhat in the next few years, and reach 2.5% in 2018.
According to a new report by Arion Bank Iceland will need to import at least 5,000 people in the next four years to ensure an adequate labour supply. An economist at the bank argues the primary reason is the tourism boom, which is already starting to cause significant tension on the labour market.
After some minor emigration following the financial collapse of 2008, when unemployed Icelanders sought work abroad, primarily Norway, Iceland has again been importing labour since 2012 as more people have immigrated than emigrated.
The primary driver of these developments has been the tourism industry and a strong economy. The local news site visir.is quotes Anna Hrefna Ingimundardóttir as pointing out that the bank has recently revised upward its growth projections for this year. Economists at Arion estimate that the GDP of Iceland will grow by 5.4% over the current year. According to the report growth will then slow somewhat in the next few years, and reach 2.5% in 2018.
