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Spain's public deficit will soar this year from 2.6% of GDP to 9.5% , according to the forecasts of the Fiscal Monitor report presented this Wednesday by the IMF , although that figure could be higher if new measures are carried out Support to the economy to alleviate the impact of the coronavirus, since the Fund's projections only include the averages approved until March 30 and anticipate that there will be no more fiscal actions in 2021.

The reason for the imbalance is a combination of the collapse of tax revenues due to the collapse of the economy triggered by Covid-19, and the increase in spending to precisely face the crisis.

The deficit forecast for Spain is the highest since 2012, that is, the year in which the banks were rescued. It is also the highest in the entire European Union , and one of the largest in the industrialized world, although it is still below those of Australia (9.7%), Israel (10.2%), Canada (11, 8%) and, above all, the United States , whose fiscal imbalance will reach a spectacular 15.4%. Close to Spain are also the other European countries that have suffered the most from the coronavirus: France (9.2% of GDP), Belgium (8.9%) and Italy (8.3%) .

The IMF forecast indicates that in 2021 the deficit will continue to be comparatively high, only below the US, Canada and, unlike this year, in an EU country: Greece .

In both years, Spain's primary deficit - that is, excluding interest payments on debt - will also be among the highest in advanced economies. In these two years, Spain's gross public debt - that is, everything that the Administration owes - will grow from 95.5% to 113.4% of GDP.

One of the most striking data in the report is the fact that the US deficit (15.4%) will be more than double that of the Eurozone (7.5%). This seems to indicate that the EU has room to carry out a more vigorous fiscal expansion.

According to the criteria of The Trust Project

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