The President of the Government, Pedro Sanchezcelebrated this Tuesday that the International Monetary Fund (IMF) has revised upwards Spain’s growth forecast to place it as the economy that will grow the most in 2024. The institution has improved expectations for progress in Spanish GDP by half a point and estimates that the country will close this year at 2.9%, two tenths less than what was forecast in April, and 2.2% in 2025.
“The IMF raises its forecasts for Spain and places it as the large advanced economy that will grow the most this year,” Sánchez has published on social networks. Likewise, he has indicated that this projection is added to the estimates of the Organization for Economic Cooperation and Development (OECD), he Bank of Spain and “the main study services” of the country.
The latest values presented by the OECD and the Bank of Spain They are similar to that of the IMF. Specifically, both entities advanced in their respective September reports that the Spanish economy will grow the most. Thus, the two organizations predict an increase in GDP in 2024 up to 2.8% and up to 2.2% in 2025. Meanwhile, the Government itself calculates 2.7%.
“It turns out that the left, in addition to distributing wealth, knows how to generate it”Sánchez has been proud. And the IMF’s expected growth figure places Spain in first place among the large developed countries, even ahead of the US (2.8%), which until now was called to lead the rise in GDP.
Now, the IMF has pointed out that the Spanish Government has to carry out fiscal consolidation in the medium term. “It is important that Spain, as well as many other economies in its area, carry out fiscal consolidation again gradually to replace the mattresses”, exhausted after the pandemic and the energy crisis in Europe due to the war in Ukraine, the deputy director of the IMF Research Department, Petya Koeva Brooks, told Efe.
However, the Government has welcomed the forecast by the IMF. “It is one of the largest upward revisions among the main developed economies, which makes Spain the large economy that grows the most this year”, the Ministry of Economy has highlighted. Likewise, the Executive has highlighted that the country will continue to lead growth among the main European countries, with a projected increase in GDP more than three times higher than the euro zone average.
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