áföllu

Áföllu is a term used in Icelandic to describe a period of economic decline or recession. The term is derived from the Icelandic word "áföll," which means "fall" or "decline." Áföllu is characterized by a decrease in economic activity, leading to a reduction in employment, income, and consumer spending. This can result in a decrease in the overall economic output of a country or region.

Áföllu can be caused by a variety of factors, including global economic conditions, changes in trade policies, or domestic economic policies. In Iceland, áföllu has been a recurring phenomenon, with the country experiencing several periods of economic decline since the late 20th century. These periods have been marked by high unemployment rates, a decrease in the value of the Icelandic króna, and a decline in the country's GDP.

The term áföllu is often used in Icelandic media and political discourse to describe the country's economic situation. It is also used by economists and other analysts to describe the economic trends and policies of Iceland. The term is not specific to Iceland and is used in other countries to describe periods of economic decline.