spot_img
25.8 C
Miami
HomeUncategorizedIMF: Spain will avoid the recession that will affect other European countries...

IMF: Spain will avoid the recession that will affect other European countries in 2023

Published:

The country is growing faster than other European states, declared Alfred Kammer, director of the European Department of the IMF.

The International Monetary Fund (IMF) predicted that Spain will be one of the European countries that will avoid a technical recession next year, with a growth of 1.2 in its gross domestic product (GDP).

The Spanish GDP forecast will be eight tenths lower than the previous forecast. In addition, this figure is more pessimistic than the estimates of the Spanish Government, which forecasts an increase of 2.1%

for the domestic product gross in 2024.

However, Spain is growing faster than other European countries, declared Alfred Kammer, director of the European Department of the IMF.

The Economist: La economía rusa está más 'viva' que la europea

IMF forecasts for 2023 reflect a general weakening in demand, tighter financial conditions, weaker consumer confidence and persistently high inflation. “And this is a story that is being seen throughout the Eurozone,” Kammer stated.

Some other European countries will face a technical recession and others will experience a total recession. However, Kammer stressed, “Spain is one of the countries for which we do not foresee a technical recession during the next year.”

In addition, Spain would probably be one of the economies that will best resist the impact of this crisis, the expert pointed out.

Impact of the pandemic

Spain was greatly affected by covid pandemic- and survived into a deep recession, experiencing the largest contraction among major advanced economies in 1960, recalls Kammer.

After the pandemic, the country had a very strong political response to get out of this crisis, while the national economy also benefited from the “strong recovery of tourism”.

At the same time, activity is not expected to reach pre-pandemic levels until early 2024, added Kammer.

spot_img

latest articles

explore more

error: Content is protected !!