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In page Economy of the Faroe Islands:

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The Faroes have one of the lowest unemployment rates in Europe (1% in 2019),[4] but this is not necessarily a sign of a recovering economy, as many young students move to Denmark and other countries once they are finished with high school. This leaves a largely middle-aged and elderly population that may lack the skills and knowledge to take IT positions in business and industry. Since 2000, new information technology and business projects have been fostered in the Faroe Islands to attract new investment. The result from these projects is not yet known but is hoped to bring a better market economy to the Faroe Islands.[citation needed] The population was around 52,000 by 2019.[5]