Greenland faces one of history’s great resource rushes—and curses

A billion years ago, as one tectonic plate ripped apart from another, two chambers of magma were sealed off beneath what would later become Greenland. As thousands of years passed, the magma cooled, each layer crystallising under rarefied conditions. Today the Ilimaussaq intrusion is a giant fold of rock beneath Gardar, in south-west Greenland. By a stroke of luck, it is home to 30 of the world’s most desired raw materials.

A tax windfall has added to already overflowing coffers

The ultra-gloomy picture painted by politicians is no longer accurate

The country’s economy is broken. A recovery requires a healthier property market

Governments across the rich world are at a loss

Treasury yields are rising ominously

The continent’s policymakers are too relaxed about the risks

https://www.economist.com/finance-and-economics/2024/10/31/greenland-faces-one-of-historys-great-resource-rushes-and-curses

A source: www.economist.com/finance-and-economics/2024/10/31/greenland-faces-one-of-historys-great-resource-rushes-and-curses