Stockholm - Xinhua
Iceland government has published a new economic program focusing supply-driven sustainable growth, according to reports reaching here from its capital Reykjavik. \"Supply-driven sustainable growth means emphasis on increased investment in not only traditional machinery, tools and construction, but also on social aspects such as service sector, research and development, IT and training to create more jobs,\" said a statement of its economic ministry on Monday. The program reviewed the lessons drawn from the past saying that economic growth in Iceland has for a long time been driven by unique large-scale state-involved projects such as energy, which have led to overheating and instability. \"The lack of coordinated economic policy has further exacerbated this development and caused a homogeny of the export sector and the accumulation of foreign debt,\" the statement said. \"Going forward, the aim is to increase investment and use the opportunities created by the current economic situation for a more diverse private sector, innovation and productivity,\" the statement said. The new economic program has set six priorities including supporting the private sector, a sustainable fiscal policy, increased emphasis in education in relation with employment, debt restructuring, businesses and households to have access to a competitive and strong financial system and a step by step ease of capital controls. It is also vital that the financial sector supports this development, while the debt of households, businesses and the general government will be restructured to a sustainable level, according to the program.