Iceland’s economy
Iceland’s economy mainly relies on marine fisheries. Fisheries provide 60% of Iceland's export revenue and employ 8% of the workforce. In 2005, household final consumption growth of 11.9% and fixed asset composition growth of 34.5% were the main reasons for the growth of gross domestic product (GDP). The 28.4% increase in imports resulted in a current account trade deficit of 162 billion crowns ($2.43 billion), accounting for 16.3% of GDP. The trade deficit seriously affected GDP growth. In 2006, Iceland's GDP was 1,141.7 billion kronor (US$18.1 billion), with an annual GDP growth rate of 2.6, and per capita GDP exceeding US$60,000, reaching US$60,370. This is a sharp decline from the annual growth rate of 7.5% in 2005. Gross national income (GNI) growth exceeded 6.7 in 2005, mainly due to improved trade and reduced net basic income expenditures. Because of the financial tsunami, Iceland became the first bankrupt country in the world. Energy Industry Iceland is uniquely endowed with hydropower and geothermal resources. The energy industry is very developed, with abundant electricity and low prices. The geothermal utilization and development technology is unique in the world. High energy-consuming industries such as metallurgical industry, aluminum smelting and steel making, have developed rapidly in Iceland. There are already three aluminum smelters with an annual output of 178,000 tons, 70,000 tons and 90,000 tons and a silicon steel plant with an annual output of 120,000 tons. In addition to the construction of the Icelandic Reydarfjordur aluminum plant (annual output of 320,000 tons of aluminum) and the expansion of Grundartangi Aluminum factory (annual output of 170,000 tons of aluminum). By 2008, Iceland's annual aluminum output will reach 760,000 tons. Iceland will become one of the world's major aluminum producers, and its output will account for 5% of the world's aluminum production (13-14 million tons). Building materials, industrial cement, insulation materials, aluminum corrugated plates, paints and coatings, etc. not only meet domestic needs, but are also exported in large quantities. The automobile modification industry has the patented technology and equipment to modify ordinary jeeps into special jeeps with high-power and large-size wheels that can travel in glaciers, mountains, lava and other areas. The 2008 Icelandic financial crisis was a series of events that occurred in Iceland and were related to the global financial crisis. These events directly affected the economy and banking system of the entire country of Iceland. All three major banks in Iceland were affected and their control was transferred to state ownership. In late September 2008, the Icelandic government announced that Glitnir Bank would be nationalized. The following week, control of the National Bank of Iceland (Land *** anki) was also transferred to the Icelandic Financial Supervisory Authority. Shortly after, the Financial Supervisory Authority took over Iceland's largest bank, Kaupthing. Iceland's financial industry suffered heavy losses in the global credit crisis. The exchange rate of the Icelandic krona against the euro shrank by 30%. Its external debt exceeded US$138.3 billion, while its GDP was only US$19.37 billion. Iceland is in danger of "national bankruptcy". Iceland *** announced on October 7, 2008 that it would seek to borrow 4 billion euros from Russia to tide over the difficulties. Political and economic analysts in Western countries believe that members of the North Atlantic Treaty Organization seeking help from Russia are "rare" and have "geopolitical implications."
How does Iceland develop its national economy according to local conditions
The area is 103,000 square kilometers. It is the westernmost country in Europe, located in the middle of the North Atlantic, close to the Arctic Circle. It has a glacier area of ??8,000 square kilometers and is the second largest island in Europe. The coastline is about 4970 kilometers long. 3/4 of the entire territory is a plateau with an altitude of 400-800 meters, of which 1/8 is covered by glaciers. There are more than 100 volcanoes, including more than 20 active volcanoes. Huaynadalshenuk volcano is the highest peak in the country, with an altitude of 2119 meters. Almost the entire country of Iceland is built on volcanic rocks, and most of the land cannot be cultivated. It is the country with the most hot springs in the world, so it is called the land of ice and fire. There are many fountains, waterfalls, lakes and rapid rivers. The largest river, Siyursao River, is 227 kilometers long. Iceland has a cold temperate maritime climate, which is constantly changing. Due to the influence of the Gulf Stream, it is milder than other places at the same latitude. Daylight is long in summer and very short in winter. Aurora can be seen in autumn and early winter.
After the financial crisis in Iceland, which one has a higher level of economic development than Ireland?
Ireland’s GDP is more than 200 billion US dollars, while Iceland’s is only more than 100 US dollars.
Which one of Norway, Iceland, Sweden and Finland has stable development? Economic stability? Will not be affected by the economic crisis?
In the global economy, no country is immune to the impact of the economic crisis. Among the countries you mentioned, Sweden may be relatively better and have a more diversified economy. Among other things, Iceland experienced a very big economic crisis in 2008. Finland has also been in recession since 2009, not as sharply, but it can also be described as an economic crisis. Norway's economy is highly dependent on oil, so this year's economy is very poor.
Should Iceland turn to the World Bank or the International Monetary Fund for bankruptcy? Which organization did you receive assistance during the economic crisis? 10 points
International Monetary Fund.
The IMF’s mission is to stabilize the international monetary system. Its main tasks are to stabilize international exchange rates, eliminate foreign exchange controls that impede world trade, promote international cooperation on currency issues, and provide short-term loans to member states falling into fiscal deficits.
The purpose of the World Bank: initially committed to post-war European economic recovery, and later shifted to global development assistance. Its main task is to provide long-term loans and technical assistance for productive investments in member countries.
The World Bank’s loans are mainly to help member countries establish, restore and develop their economic foundations, so the loans are concentrated in infrastructure industries such as power, transportation, water supply and drainage, and others are also used for urban development, Education, tourism, population, nutrition and other projects. In recent years, at the request of developing countries, the bank has gradually increased agricultural loans.
Another major activity of the World Bank is to provide technical assistance to member countries, such as providing specialized funds in loans for feasibility studies, resource surveys, management and training, and providing consultation to member countries. Services etc. The World Bank has also set up an economic development school to train relevant personnel from developing countries.
The World Bank has three restrictions: ① Only countries that participate in the International Monetary Fund can apply to join the World Bank. ②Only member states can apply for loans. Private productive enterprises applying for loans must be guaranteed by ***. ③Member countries must have a project plan when applying for a loan, and the loan funds are earmarked and subject to the supervision of the World Bank.
Iceland's bankruptcy is a financial deficit problem, and rescuing Iceland is in line with the purpose of the International Monetary Fund; but it is not in line with the purpose of the World Bank. The World Bank is not focusing on short-term relief, but long-term development.
The "financial tsunami" triggered by Wall Street spread to the world. For example, Iceland and Pakistan are facing the risk of nationwide bankruptcy, which will affect our country's economic growth
D Question analysis: This question examines economic globalization. The question stems from the "financial tsunami" caused by Wall Street that has spread to the world. It shows that economic globalization has connected the economies of all countries in the world. Therefore, ① is in line with the meaning of the question. Iceland and Pakistan are facing the risk of nationwide bankruptcy, and the economic growth rate of our country has been significantly slowed down by it. This shows that economic globalization will bring "risk globalization" ", our country must attach great importance to maintaining its own economic security, so ③④ is also consistent with the meaning of the question, and ② is not reflected in the opinion materials, so the answer should be D. Comments: Negative impacts of economic globalization: ① Economic globalization is essentially led by developed capitalist countries. Developed countries have economic and scientific advantages, master the modern information technology that promotes the trend of economic globalization, dominate the development of the world market, and influence the "rules of the game" of the international economy, making world economic development more unbalanced and polarized. serious. On the one hand, there is the continuous accumulation of wealth in developed countries, and on the other hand, the increasing poverty of developing countries. ② It leads to the globalization of risks. Economic fluctuations in one country may affect other countries and even the whole world, exacerbating the instability of the global economy and posing a great threat to the economic security of developing countries in particular. Moderate difficulty.
Ask for your thoughts after watching "Wall Street"
Among the ten episodes of the film, the word capital appears most often in the title.
WALL STREET means wall street, because this street uses a pushed wall as its habitat. Today we are walking on the middle line between conscience and greed, just like the middle line mentioned in the movie "Wall Street". The capitalists on Wall Street have the blood of capital flowing in their bodies, and the smell of capital penetrates into the earth and the people on the earth like water. Wealth is a dream pursued by countless people from ancient times to the present. Of course, in the documentary, Wall Street has promoted human progress, from the expansion of subways, the digging of canals, the promotion of electric lights, and the victory of the American Civil War. Many technologies and inventions that determine human progress have been advanced because of its promotion. accomplish. But his greed has also led to the poverty of many people. Insider trading and illegal manipulation have become the reasons for it to be slandered. In every crisis, they have been the driving force, pushing many greedy people into the abyss. Wall Street can be seen as a person who has upward hopes and a desire to gain fame and wealth. After people's desires are satisfied, they want more desires, which ultimately leads to greed, crisis, and depression. It is difficult for people to have the character of self-restraint and self-control. Being lenient to others and being strict with oneself is the Chinese way of cultivating oneself. If Wall Street can learn to be strict with oneself, they will never go to church to confess their sins. But the nature of Christianity can only allow the Communist Party to control this group of dangerous people. The sea is ups and downs, and history repeats itself in different forms. As the brain of global finance, it is not easy for Wall Street to achieve absolute sobriety, but it is a top priority for us not to be harmed by sub-brains! I just finished watching the ten episodes of the CCTV documentary "Wall Street" in one go. The word that impressed me most deeply now is "human nature". Many people interviewed in the film use this word when talking about Wall Street (synonymous with the capital market and financial market) from different angles. It has been used when talking about the origin of the capital market from the Netherlands. It has been used when talking about the rapid development of the capital market. It has been used more often when talking about the shortcomings of this market. But what is more interesting is that this word is also used. It will be used when correcting mistakes after every capital market crisis. Therefore, HUMAN NATURE is the essential driving force behind the origin, growth, development, expansion, prosperity and depression of Wall Street, that is, the financial market and capital market. Without the desire to pursue money, there would be no mechanism for creating and distributing wealth such as the capital market; without the desire to pursue money, there would be no boosters for the development of modern science and technology; without the desire to pursue money, even It can be said that the United States is difficult to establish. Of course, without the desire to pursue money, social collapse will not occur again and again; however, without the desire to pursue money, social prosperity will not occur again and again. Human nature is the natural driving force for the development of human society, especially during the development of modern society for more than 200 years. The natural desires represented by human greed and fear have become the driving force of society. This has been confirmed by history in the past and will continue in the future. I downloaded the CCTV2 documentary "Wall Street" and watched some bits and pieces. Today I watched an episode while watching CFA's "Corporate Finance". This documentary combs through the ins and outs of modern finance, the rise and fall of the capital market and the laws of economic ups and downs, and provides very useful help in comprehensively understanding the relationship between modern finance and the rise of a country. 100 years ago, Wall Street shaped the rise of the United States. Today, Wall Street has formed a huge capital network that covers the world, influencing and affecting the global capital market and the global economy. Innovation, entrepreneurship, and venture capital are the engines of a country’s rise. If there is a benign economic system, new science and technology can be popularized and applied, and resources can be allocated with the help of finance, thereby forming thriving industries. In this system, innovation and technology can be utilized, and individual potential can be realized. And abilities have been brought into play, investment opportunities have been found, and the overall situation has formed a prosperous and free situation. All of this can add up to an increase in social output and wealth.
The effect is just like what Sany's advertisement describes: through the construction of social infrastructure, it can achieve the popularization of civilized life and change people's living conditions and lifestyles. The main role of finance is efficient financing and risk dispersion...