The OECD once again lowers growth in Spain by 2023 and warns that job creation will be nil

The OECD

in just two months.

On this occasion the reduction is not as pronounced as the one undertaken in September, since in this case it is two tenths less while after the summer the figure was seven tenths.

And, in addition, the modification is accompanied by an upward revision, of three tenths, in this year's estimate.

But what the Organization for Economic Cooperation and Development confirms is that the economic situation in Spain, and also in Europe as a whole, continues to deteriorate.

That the background context and evolution are negative, and that the effects of the war in Ukraine could be even worse.

"Growth is expected to slow down in 2023 and remain moderate in 2024," explains the agency, mainly due to the loss of household purchasing power and lower external demand due to the slowdown in trading partners.

All this will also have a clear and notable impact on the labor market, since the economic slowdown will cause

.

The OECD macroeconomic picture for Spain, with all this, is as follows.

The Gross Domestic Product (GDP) will advance this year by 4.7%, while in 2023 it will barely rebound by 1.3% and in 2024, by 1.7%.

The result of this set of figures is that the Spanish economy will not return to

.

There is more than a year left for this when the Eurozone average already did so at the end of 2021.

The unemployment rate, for its part, will fall this year from 14.8% to

since the figure forecast for 2023 is exactly the same.

In 2024 there will be a slight decline to 12.7%.

The labor market, warns the OECD, will be paralyzed.

All this, moreover, will be washed down with the usual good doses of debt and deficit.

Public liabilities will remain above 110% of GDP throughout the period analysed, and it is noteworthy that between 2022 and 2023 there will hardly be a reduction: the figure for both years will be 115%.

The deficit will close this year at very close to 5%, it will fall to 4.2% in 2023 and it will be 3.7% in 2023.

These figures confirm what the Independent Authority for Fiscal Responsibility (AIReF) and the Bank of Spain have denounced so many times: that

, and that the relative reduction in terms of GDP that occurs is due to the growth of the Product itself.

outdated budgets

The negative review of the OECD, in addition, adds to the one that has also recently been undertaken by the European Commission, the Bank of Spain or study services such as BBVA Research or Funcas.

All of them have verified, in addition to the complexity of the moment, that the estimates that the Government reflected in the General State Budgets (PGE)

the public accounts are approved.

The Government, specifically, estimates that growth in 2023 will be 2.1%, a figure that, for example, more than doubles the Brussels forecast.

In addition, it defends that the return of the GDP levels of 2019 will be reached again in the second half of next year, and estimates that the public debt will be reduced by three points of GDP, up to 112%, with a deficit of 3, 9%

.

According to the criteria of The Trust Project

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