For 2021 and 2022, the OECD improves its forecast for Spain and places it at the head of the rebound of the large European economies
Spain "will recover the level of daily economic activity and employment prior to the pandemic
before the end of the current year
."
The Vice President for Economic Affairs, Nadia Calviño, has been so blunt about the rate of recovery that Spain is exhibiting, thus conveying an optimism that has been endorsed by the OECD but not so much by the Bank of Spain.
The Government has not modified the growth figures of the macroeconomic table that it will include in the imminent Budgets, with which the official estimate of growth of the Gross Domestic Product (GDP) remains at 6.5% for this year and at 7% for the one who comes. But even so, Calviño, in the press conference after the Council of Ministers, has stressed that "
the first quarter of 2022 will be the first with a level of economic activity
higher than that registered in the first quarter of 2019."
However, literally at the same time that Calviño affirmed this, the general director of Economics and Statistics of the Bank of Spain, Óscar Arce, offered a significantly more moderate view.
To begin with, he does not at all agree that the Spanish economy is going to recover the levels prior to the coronavirus pandemic this year.
"We don't have the tools to set an exact date,
but it will be around the middle of 2022,
" Arce said.
That is, between two and three quarters after what was predicted by Calviño.
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