Nordic Tiger

DEFINITION of 'Nordic Tiger'

A colloquial term for the Scandinavian nation of Iceland. Prior to the global financial crisis of 2008, Iceland was on a strong growth trajectory that justified the "Nordic Tiger" sobriquet, with high levels of GDP growth, low unemployment and even distribution of income.


The Icelandic economy remains heavily dependent on fishing, which contributes 40% of export earnings and more than 12% of gross domestic product. However, the country's reliance on this sector has decreased over the years, as the economy has diversified into other areas such as software, biotechnology and tourism.

BREAKING DOWN 'Nordic Tiger'

Iceland was one of the earliest casualties of the 2008 crisis, and one of the worst-hit economies. Much of the nation's rapid growth in recent years came after the privatization of its banking sector in the early 2000s and subsequent aggressive expansion by its banks, both nationally and overseas. The 2008 crisis triggered the collapse of Iceland's three largest banks later that year, and resulted in the economy contracting by 6.8% the following year.

RELATED TERMS
  1. Iceland Stock Exchange – ICEX

    A stock exchange located in Reykjavik, Iceland. The Iceland Stock ...
  2. Tiger Economy

    A nickname given to the economies of Southeast Asia. Some of ...
  3. Celtic Tiger

    A nickname for Ireland during its boom years of the late 199 ...
  4. Reykjavik Interbank Offered Rate ...

    The formal interbank market rate for short term loans at Icelandic ...
  5. ISK

    The currency abbreviation or the currency symbol for the Iceland ...
  6. Globalization

    The tendency of investment funds and businesses to move beyond ...
Related Articles
  1. Bonds & Fixed Income

    5 Signs Of A Credit Crisis

    These indicators can illuminate the depth and severity of problems in the credit markets.
  2. Active Trading Fundamentals

    The Fall Of The Market In The Fall Of 2008

    How did America's strong economy tumble so quickly? Find out here.
  3. Options & Futures

    Iceland's Near Collapse: What Can We Learn?

    This thriving country was brought to its knees by the rapid growth - and subsequent decline - of its banking industry.
  4. Insurance

    Fannie Mae, Freddie Mac And The Credit Crisis Of 2008

    Is the U.S. Congress' failure to rein in these mortgage giants to blame for the financial fallout?
  5. Economics

    Industries That Thrive On Recession

    Recessions are not equally hard on everyone. In fact, there are some industries that even flourish amid the adversity.
  6. Stock Analysis

    6 Risks International Stocks Face in 2016

    Learn about risk factors that can influence your investment in foreign stocks and funds, and what regions are more at-risk than others.
  7. Investing

    3 Things About International Investing and Currency

    As world monetary policy continues to diverge rocking bottom on interest rates while the Fed raises them, expect currencies to continue their bumpy ride.
  8. Investing News

    Tufts Economists: TPP Will Reduce U.S. GDP

    According to economists at Tufts University, the TPP agreement will destroy half a million jobs in the U.S. by 2025.
  9. Economics

    Governments Ask Tech Giants to Join War on ISIS

    In the US and Israel, governments have asked their respective nations' tech industries to help in the war against ISIS.
  10. Forex

    The Consumer Price Index

    Find out how this economic measure can help you make key financial decisions.
RELATED FAQS
  1. What is comparative advantage?

    Comparative advantage is an economic law that demonstrates the ways in which protectionism (mercantilism, at the time it ... Read Full Answer >>
  2. How does the Wall Street Journal prime rate forecast work?

    The prime rate forecast is also known as the consensus prime rate, or the average prime rate defined by the Wall Street Journal ... Read Full Answer >>
  3. What's the difference between microeconomics and macroeconomics?

    Microeconomics is generally the study of individuals and business decisions, macroeconomics looks at higher up country and ... Read Full Answer >>
  4. How do you make working capital adjustments in transfer pricing?

    Transfer pricing refers to prices that a multinational company or group charges a second party operating in a different tax ... Read Full Answer >>
  5. How do mutual funds work in India?

    Mutual funds in India work in much the same way as mutual funds in the United States. Like their American counterparts, Indian ... Read Full Answer >>
  6. Do mutual funds have CUSIP numbers?

    The Committee on Uniform Securities Identification Procedures (CUSIP) number is a standardized identification system used ... Read Full Answer >>
Hot Definitions
  1. Super Bowl Indicator

    An indicator based on the belief that a Super Bowl win for a team from the old AFL (AFC division) foretells a decline in ...
  2. Flight To Quality

    The action of investors moving their capital away from riskier investments to the safest possible investment vehicles. This ...
  3. Discouraged Worker

    A person who is eligible for employment and is able to work, but is currently unemployed and has not attempted to find employment ...
  4. Ponzimonium

    After Bernard Madoff's $65 billion Ponzi scheme was revealed, many new (smaller-scale) Ponzi schemers became exposed. Ponzimonium ...
  5. Quarterly Earnings Report

    A quarterly filing made by public companies to report their performance. Included in earnings reports are items such as net ...
Trading Center