Economic and Policy Development of the Republic of Ireland in Comparison to Iceland.

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Economic and Policy Development of the Republic of Ireland in comparison to Iceland. Ireland and Iceland, having both undergone economic problems in recent years, have current economic situations which are very comparable. Experts claim that “Both economies experienced deep crises in 2008-2010: Icelandic economy contracted to 90.41% of 2007 levels by the end of 2010, while Irish economy declined to 92.13%”. Their reaction to their banking crisis, however, was poles apart.

Employment
In the case of unemployment, figures show that Irish unemployment is than 50% above that in Iceland. By the end of 2015, IMF forecasts Irish unemployment to be 9.5% and Icelandic unemployment to be 3.12% or more than 3 times lower than that in Ireland.

These figures represent a cut in unemployment figures in Iceland generated by job creation strategies, whilst in Ireland, worryingly, unemployment will decrease through migration of the unemployed.

Figure 1: The percentage unemployment rate of the labour force in Ireland compared to Iceland.

Higher Education
Key Statistics 2010/2011 released on 1st September 2011 by the Irish department of education and skills calculated the number of students in studying in the Third Level University Sector at 89,273, while the number of people studying at Tertiary level in Iceland 19,859. With Ireland having a population of 4.6 million and Iceland with a population of 318,452 there is obviously a much larger proportion of Icelandic in higher education than Irish.

Tourism
In 2010 the number of jobs in tourism in Iceland was 5.1% of the total number of jobs in Iceland, with approximately 495,000 visitors to the country. In comparison the Irish tourism and hospitality industry employed an estimated 177,935 in 2010. Ireland had 5865 tourists from overseas in 2010, and a total tourism revenue of €4,668 million revenue in the same year. Both of these figures however have been gradually decreasing since 2007. The current global economic...
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