IBG 3.45% 2.8¢ ironbark zinc ltd

Greenland's hope is mining..

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    Unless Greenland implements economic reforms within the next three years, its economy will collapse as a result of mass emigration of skilled labour, the country’s leading economic advisor has warned.

    Torben M Andersen (pictured), the chair of the Greenlandic Economic Council, an independent government advisory board, reckons that by 2030, the country will need to spend an additional 750 million kroner ($111 million) annually in order to balance its budget as its working-age population shrinks.

    “If we don’t do this, our standard of living in Greenland compared with the rest of the Nordic countries will be so large that we will see skilled workers leaving the country in record numbers,” he told Børsen, a Danish financial daily.
    The reforms, according to Mr Andersen, should focus primarily on stimulating growth in Greenland’s nascent mining industry, instead of seeking to extract more value from the fishing industry, which already accounts for 90% of the country’s exports.

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