OECD Economic Outlook, Volume 2022 Issue 1
The war in Ukraine is a major humanitarian crisis with associated economic shocks that threaten the post-pandemic recovery. The OECD Economic Outlook, Volume 2022 Issue 1, highlights the implications and risks for growth, inflation and living standards from higher commodity prices and potential disruptions to energy and food supplies, and discusses the associated policy challenges.
This issue includes a general assessment of the macro-economic situation and a chapter summarising developments and providing projections for each individual country. Coverage is provided for all OECD Members as well as for selected partner economies.
Iceland
The economy is projected to grow by 4.2% in 2022 and 2.8% in 2023, driven by buoyant goods and services exports. Household consumption will slow in the course of 2023 as real wage growth is set to cool. Worsening financial conditions and uncertainty related to the consequences of the war in Ukraine is expected to weigh on business investment, but investment in residential housing will remain solid. Unemployment will continue to decline slightly, to around 4.5% at the end of 2023.
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