Spain will grow by 2.1% in 2023, according to the forecasts of the Organization for Economic Cooperation and Development (OECD), which presented its economic outlook report on Tuesday in Paris. It thus improves its forecast for Spain, as they are four tenths more than in its previous prediction, in line with what was announced by the Government.

The OECD has also raised its estimate for 2024, from 1.7% to 1.9%. The Spanish government, more optimistic, forecasts 2.4%.

The OECD becomes the first organization to match its macroeconomic projection for this year to that of the Executive. The various institutions have improved their calculations, but they are still somewhat more pessimistic.

According to these forecasts, Spain will be the large euro economy that will grow the most this year, above Italy (1.2%), the Netherlands (0.9%), France (0.8%) and Germany (0%). It grows more than twice as much as the euro zone (0.9%) and half a point more than the OECD as a whole (1.4%), according to this Paris-based organization.

"Faced with a challenging environment in the context of Russia's war of aggression against Ukraine, the Spanish economy has held up remarkably well," the agency said.

Inflation

It points out that inflation will continue to fall this year to stand at 3.9%, two points less than the euro zone average, due to the "fall in energy prices and monetary policy".

"Lower inflation and a resilient labor market will support household consumption," the report said, adding that stronger external demand "will sustain export growth."

Regarding employment, the unemployment rate will fall from 12.9% in 2022, to 12.8% in 2023 and 12.4% in 2024.

The OECD also raised its global growth forecasts for 2023, but warned that the economy still has a "long way" to recovery, despite improving inflation and the revival of the Chinese economy.

According to its report, the global growth of the economy for this year will be 2.7%, a slight improvement compared to the 2.6% it forecast in March, and in 2024 it will reach 2.9%.

  • Paris

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