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Iceland is a republic with a constitution, and a parliamentary form of government(called Althingi). The president of Iceland is elected by direct popular vote, and serves a four year term with no term limit. The government is elected every four years(separate from presidential elections) and holds most executive power.
Since 2000 one of the government's top priorities has been to manage and control Iceland's booming economy. To ensure stability, the government has adopted conservative fiscal policies and reduced its public debt. Privatization policies have also been adopted in attempts for the government to better the economy. In the early 1990s, the government launched its privatization policy by selling off many state-owned industries to private buyers. This helped Iceland's economy greatly.
Since 2000 one of the government's top priorities has been to manage and control Iceland's booming economy. To ensure stability, the government has adopted conservative fiscal policies and reduced its public debt. Privatization policies have also been adopted in attempts for the government to better the economy. In the early 1990s, the government launched its privatization policy by selling off many state-owned industries to private buyers. This helped Iceland's economy greatly.
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Iceland is an island located on the continent of Europe at 64.8343° N, 18.9770° W. The country is 39,769 sq. miles (103,001 sq. km) in size, which is about the size of the state of Ohio. The population of Iceland is roughly about 317,351 as of 2014, according to The Word Factbook.
Future Trends
The next presidential election will be held on 2016, and mayor of Reykjavík: Gon Gnarr is expected to win, should he decide to run. Also, Iceland's population is predicted to keep falling this year, but is expected to pick back up next year as economic outlook brightens. The policies adopted by Prime Minister Olafur Ragnar Grimsson's center-right government effectively reduced the budget and government deficits, restricted foreign borrowing, controlled rising inflation , and revised agricultural and fishing policies. The economy should continue to prosper in the future.