The last two years have seen a tremendous downfall in the economic scenario of most of the developed countries. No need to give even a damn presumption as to what it would have been in more small cities or for that matter in a town like Torshavn.
The economic condition of the early 1990’s after the severe economic troubles brought on a drop in the fishing industry of the Faroe Islands. The pitiable managing of the economy, in the last few years, along with never-ending problems like unemployment and continues rise-fall in its percentage in Europe compelled the local inhabitants to depend totally on fishing only leading to a vulnerable situation all the time.
Irrespective of the drastic economic variation, hope managed to continue in the land of Torshavn and the Faroese islands by means of the Petroleum industry, where deposits in the immediate area added a base for persistent economic opulence.
With the changing times, new and innovative technologies like the information technology and business projects have been encouraged in Torshavn and the nearby regions to attract new investment.
Globalization too made Torshavn its element by introducing Burger King in Torshavn that was extensively made known.
Besides this, the youth keeps shifting their pedestal to more developed pastures like Denmark, for higher education and better prospects. Thus, absconding of the actual potent leave the town in dearth of skilled individuals and thereby hamper the growth of the economic downturn.