The Spanish economy has left the recession behind and has returned to growth thanks to the important reforms adopted, which have improved international competitiveness. But to consolidate the recovery and combat high unemployment, it is necessary to complete the reforms underway and promote additional measures. This is the main conclusion of the 2014 Economic Study on Spain, prepared by the OECD and presented today in Madrid by the organization's general secretary, Ángel Gurría, and the Minister of Economy and Competitiveness, Luis de Guindos.

Spain is emerging from a prolonged recession thanks to moderate growth and increased international competitiveness, says the OECD statement. Decisive tax and banking sector reforms, as well as the favorable monetary policy adopted by the European Central Bank (ECB), have reduced financial tensions and have improved public finances. However, to consolidate the recovery and combat high unemployment, it is necessary to guarantee the full implementation of the ongoing structural reforms and to promote additional measures that improve productivity and competitiveness.

The OECD foresees a strengthening of Spanish GDP in the next two years and an improvement in public finances, while asking the Government to continue with its plans to reduce public and private debt. "The brave reforms are paying off," said Gurría. "The economy is growing again, employment is created, the banking sector has stabilized and the confidence of the financial markets in Spain has increased," added the OECD secretary general. Minister De Guindos, for his part, reiterated the Government's will to continue with the reforms and recalled that, as a result of this policy, “the imbalances are being corrected and our country has begun a path of sustainable growth, even in an environment of stagnation of the European economy like the current one ”. The reforms are also the best guarantee that the ECB's measures are effective, he concluded.


Source of the new