Nine years after a giant banking crash made Iceland a symbol of the global financial crisis, the government on Tuesday effectively declared that financial stability had been restored as it ended longstanding restrictions on the flow of money into and out of the country.

Yet even as it closes a fraught chapter in its economic history, Iceland is facing new challenges with its growth rebounding — some say too quickly for the country’s own good. As the economy has stabilized, a jump in tourism is stoking a housing construction boom, potentially raising new risks of overheating and inflation.

Iceland’s growth surge — the economy expanded 7.2 percent last year — represents a remarkable comeback since 2008, when the country’s three main banks failed and its currency and economy fell into a tailspin. To prevent an outright collapse, the government imposed capital controls on businesses, pensioners and individuals.

“Without the capital controls, Iceland would have suffered a much more serious fate,” said Yngvi Kristinsson, the chief economist for the Icelandic Financial Services Association, a consortium of banks and insurance companies.