The IMF raises Spain’s growth forecast for 2023, but lowers that of 2024
Thus, GDP would increase 1.5% this year and 2% in 2024, compared to the 1.1% and 2.4% announced in the January forecasts. However, Spain remains the absolute leader among the large countries of the Eurozone in terms of GDP growth.
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He International Monetary Fund (IMF) has estimated this Tuesday that the Spanish economy it will grow 1.5% this year, four tenths more than previously projected. However, the growth expected for Spain in 2024 has dropped by four tenths, to 2%. Both figures are above the average for the euro zone, which will grow 0.8% this year (1 tenth more than previously projected) and 1.4% next year (two tenths less).
The report of economic prospects It has been published in the framework of the spring meetings that the institution celebrates this week in Washington and is an update of the latest figures presented last January. The study makes an estimate of the evolution of inflation, which in Spain will drop progressively from 8.3% in 2022 to 4.3% this year, while in 2024 it will drop to 3.2%.
However, the interest rate hikes carried out by the European Central Bank are not expected to have negative effects on the Spanish labor market and unemployment is expected to continue on its downward path.
According to the IMF, unemployment will fall three tenths in 2023 compared to 2022, to 12.6%, and two tenths more next year (to 12.4%). A figure that is still much higher than the average for the euro zone (6.8% this year).
“We start from the assumption that the global economy is recovering from what happened in recent years, from the pandemic and also from the Russian invasion of Ukraine,” IMF research director Pierre-Olivier Gourinchas told reporters. , and has acknowledged that the outlook could worsen if there are new financial problems.
Due to the “financial turmoil of the last month and a half” at the IMF they are concerned “that this could result in a steeper and higher slowdown if financial conditions worsen significantly,” he said.
Source: Eitb
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