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 under way and promote additional measures. This is the main conclusion of the Economic Survey on Spain 2014, prepared by the OECD and presented today in Madrid by the secretary general of the organization, Ángel Gurría, and the Minister of Economy and Competitiveness, Luis de Guindos.
Spain is emerging from a prolonged recession thanks to moderate growth and an increase in its international competitiveness, says the OECD statement. The decisive fiscal and banking sector reforms, as well as the favorable monetary policy adopted by the European Central Bank (ECB), have reduced financial tensions and improved public finances. However, in order to consolidate the recovery and combat high unemployment, it is necessary to ensure the full implementation of the structural reforms under way 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 also asking the Government to continue with its plans to reduce public and private debt. "Brave reforms are working," said Gurría. "The economy grows again, employment is created, the banking sector has stabilized and the confidence of financial markets in Spain has increased," added the OECD Secretary General. Minister De Guindos, for his part, reiterated the will of the Government 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 measures are effective, he concluded.
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