The Diplomat
The International Monetary Fund (IMF) assured yesterday that the Spanish economy will grow in 2023 at a rate of 1.5%, four tenths above its own forecasts of last January but half a point below the Government’s forecast of 2.1%.
On the other hand, the Global Prospects and Policies report forecasts growth of two percent for 2024, four tenths of a percentage point below the IMF’s previous estimate. Despite this, Spain will grow above the average of the most advanced economies in 2023 and 2024 and will continue to be the large EU economy with the best forecasts for the next two years.
The IMF also expects a moderation of Spanish inflation in 2023 (4.3%, higher than the 3.7% estimated by the Bank of Spain) and a decrease of three tenths of a percentage point in the unemployment rate, to 12.6%.
The publication of the report coincided with the presence of the First Vice-President and Minister of Economy, Nadia Calviño, in Washington to participate in the IMF Spring Meetings and to take part in a debate on economic prospects and global challenges at the Atlantic Council. She also held a meeting with the Managing Director of the IMF, Kristalina Georgieva.
During the Atlantic Council debate, Calviño affirmed that the IMF figures are “in the same direction” as other international organizations and that the economic forecasts for Spain are “relatively positive” in such a “difficult and volatile” international context as the current one. “All the institutions agree that Spain is going to outperform its counterparts in the European economy,” she assured. “We continue with this positive dynamic of growth and job creation and, in the case of Spain, we have a unique opportunity at the moment, which is the European Recovery Plan,” she added.
