The IMF raises forecasts for Spain

October 6, 2010 at 3:42 pm Leave a comment

The Fund expects trouble later this year and for early 2011, followed by a modest acceleration. The world economy will grow 4.8% in 2010 and 4.2% in 2011: more than expected for this year, and less than expected for 2011. Good news for Spain, though. The IMf has slightly raised the predictions for Spain in late 2010 and 2011.

The Fund expects Spanish GDP to fall 0.3% this year to grow 0.7% in 2011. In both cases, this means an improvement in the outlook.  But barely a tenth of a percentage. The prognosis for 2010 has been improved to match the Government, and the 2011 matches that of analysts, the government expects a much higher advance of 1.3%.

That sounds like just a bunch of numbers, but they are important: if the government succeeds, Spain will meet its commitments to cut the deficit, after the drastic fiscal adjustment approved. The fulfillment of the IMF forecasts require further austerity measures to prevent attacks in the debt markets, where Spain has just emerged from a general strike prompted by the tight schedule cuts and reforms.


Entry filed under: Economy, News. Tags: , , , , , , .

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