Iceland was once considered one of the developed country before the financial crisis. However, their financial sector has collapsed and its inflation rate is potentially soar to above 20% in 2009.
Their previous unemployment rate is consistently low at about 2.5%, similar to Singapore. However, the unemployment rate is expected to hit 10% very soon.
Singapore has some similarity with the background of Iceland. Let’s wish the policy makers in Singapore learnt a lesson from Iceland failure.
Nonetheless, the public shall be vigilant in monitoring the government strategic. Not to be ignored, the elected President has handed over the key to Government to tap on the reserve to guarantee the deposit in the banks.
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