Crisis The OECD plunges its growth forecast for Spain by more than two points and exposes the Government
Crisis The Bank of Spain warns that the problems are multiplying for the Government: pandemic, bottlenecks, inflation and less consumption
"
Spain will be one of the engines of growth in Europe
", "the recovery is solid" and "the outlook is very positive". The First Vice President of the Government and Minister of Economic Affairs, Nadia Calviño, has tried today to deny, downplay and contradict the notable negative review that the OECD carried out yesterday on the Spanish economy. And incidentally, do the same with the avalanche of sales that are taking place, because Calviño has insisted that this good vision is shared "
by all agencies
."
Calviño has thus clung to the official discourse that the data dismantled for a long time, and to which the OECD gave the last straw yesterday.
According to the forecasts of the Organization for Economic Cooperation and Development, the Spanish economy will grow this year by less than 5%, which is more than two points less than its previous forecast, and the rebound in 2022 will remain at 5, 5%.
As a consequence of these figures, it will be the last European country to return to pre-Covid levels, a
point that will not be reached until the first quarter of 2023
.
Italy, Portugal or France will do it before, and there are some economies that, in fact, have already done it.
These forecasts appear to be the complete opposite of being the "engine of growth in Europe".
And it is not only the OECD that warns of less growth in Spain and the problems that threaten the economy. International and also national problems. Consumption, problems to develop European funds, bottlenecks or inflation are some of the up to
seven aspects that the Bank of Spain detects as threats
to growth.
The body itself led by Pablo Hernández de Cos has also advanced that it will carry out a "significant reduction" of its forecasts for Spain, and that is precisely what all the members of the Funcas panel have done.
Among these panelists are the CEOE, also its
think tank
, which is the Institute for Economic Studies, Repsol, CaixBabank or BBVA Research, in addition to obviously Funcas itself.
And all of them worsened their forecasts, now being the average growth expected by the panel of 4.8% for this year and 5.7% in 2022. Therefore, neither are "all the organizations" those that predict a recovery solid, as Calviño points out.
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