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Case Study 8 - Iceland's Global Financial Crisis
Transcript of Case Study 8 - Iceland's Global Financial Crisis
Agriculture Internal Strengths
Advanced Infrastructure Internal Weaknesses
Rely heavily on imports
High Living Expenses
Unstable Economy External Threats
Losing Fishing Rights
Over Exposure on Tourism
Changed Government Policies Maxi-Maxi (SO)
Currency to maximise tourism
Exports (Fishing, energy)
Advance infrastructure (attractive to investors) Maxi-Mini (ST)
High education to protect environment and manage tourism Mini-Maxi (WO)
Investing in agriculture can minimise reliance on imports, encourage local products
New government will hopefully stabilise the economy
Low currency will encourage exports Mini-Mini (WT)
Adopting Euro as currency will remove currency advantages
Over exposure to tourism (loss of pristine appeal)
High interest rates to control inflation What was the Icelandic Financial Crisis
How did it happen?
What was the result? What was the US Sub-Prime Crisis
How did it happen?
What was the result? Is there a link between the two? CASE QUESTION SWOT/TOWS Case Summary Tourism (Pre/Post Crisis)
Before GFC Tourism was almost non-existant
Icelandic banks just prior to the crisis began promoting Iceland as a tourism destination Why Travel to Iceland
One of the last pristine nature reserves in Europe
Centrally located accomodation (promoting day trips to the wilderness) Lots of things to see and do Competitive Advantages
Low cost (devalued currency)
Cheap/renewable energy (geothermal)
Low exchange rate since not in the Eurozone
Relatively low labour costs as a result Risks
What if oil is found, and what if an oil disaster
If tourism is exploited/not manage correctly the will no longer be a pristine environment
Volcanic activity And watch out for the polar bears! 2007/2008 - Pre-Crisis Iceland - 2012 Inflation Share Market Currency Currently in negotiation on joining the European Union and adopting the Euro to address issues with the Krona. Interest Rate Unemployment GDP Growth