• Economy: The Bank of Spain's 'total amendment' to the Budgets: it does not see credible income, expenses or forecasts

  • Crisis: Why no one trusts Pedro Sánchez's recovery path

Just a few hours after the Governor of the Bank of Spain, Pablo Hernández de Cos, amended practically all of the General Government Budget project, the head of the Independent Authority for Fiscal Responsibility (AIReF) has carried out, also in Congress , an assessment that has left no less doubts.

And it has shown that the Executive's estimates are dead paper, that they are out of date and that the projections included in the accounts presented for just a week

do not respond to the health and economic situation in Spain

.

Herrero has presented, in terms of economic growth, three possible scenarios.

The negative and the central are, in both cases, below the government's forecasts, while the positive "

is the one that would be consistent with the government's macro forecasts

."

In this scenario, the Gross Domestic Product (GDP) would rebound next year by around 10%, including the boost from European funds and the Recovery Plan and being, effectively, in line with the 9.8% it estimates the Executive.

The problem is that "

the optimistic scenario rests on unfortunately increasingly distant assumptions

taking into account the evolution that the pandemic is having," Herrero has been blunt.

And it is that in order for it to be fulfilled, it would be necessary for the virus situation to be "more or less controlled by the end of 2020", that a "Christmas campaign" could be registered and that "the mobility restriction measures were eliminated" , which would allow a better entry into 2021. And to all this, it should be added that in the second half of 2021 a vaccine would be available that would significantly reduce infections.

That is, a situation that, beyond the evolution of scientific research,

cannot seem further from the current context

.

According to the criteria of The Trust Project

Know more

  • State's general budgets

State Budgets Ximo Puig and Compromís take 10% of the investments and debt of the Navy from Pedro Sánchez

TaxesLarge companies and 'rich' will only concentrate 10% of the government's fiscal blow

Budgets Pensions, debt, unemployment ... this is how the largest increase in public spending in history is shared

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