It forecasts an increase of 1.5% for next year, two points less than the previous estimate, and 4.4% for this year, also down
The Spanish economy will also suffer from the dire economic situation facing the entire European Union (EU) which will worsen in the coming year, as OECD estimates predict a recession in many of its European partners and expectations for Spain collapse . GDP will grow by 1.5% in 2023, almost two and a half points less than what is now estimated by the organization of the world’s most developed countries. By the end of 2022, the economy will progress by 4.4%, also two tenths less than calculated so far.
Spain will not be immune to the recession the OECD expects for Germany, which will plunge into a 0.7% recession next year. For its part, France will grow by 0.6%, eight tenths less; and Italy is up 0.4%, also eight tenths less. “The global economy has lost momentum in the face of the illegal, unjustified and unprovoked war against Ukraine. GDP growth has stalled in many countries and economic indicators point to a widespread slowdown,” said OECD Secretary General Mathias Cormann.
So far, all the international organizations forecast a growth for Spain of more than 4% this year, although also more than 2% for next year, a situation that is fading as prices continue to rise and the problems caused by the energy crisis. not paralyzed.
In terms of estimates for 2022, Spain is the country that will grow the most of the other three major economies in the euro, at 4.4 (three tenths less than previous projections). Germany’s GDP will grow by 1.2%, seven-tenths less, while France’s GDP will grow by 2.6, two-tenths more, and Italy’s by 3.4%, nine-tenths more.
Spain’s gross domestic product (GDP) is set to grow 1.5% in 2023, the highest increase of the four major economies that make up the eurozone, according to forecasts released this Monday by the Organization. for Cooperation and Economic Affairs Development (OECD).
In addition, Spain will not only lead the major eurozone economies, but the expected cut was the smallest among its counterparts, adjusting by seven-tenths. The set of the Nineteen countries that make up the eurozone will record a combined growth of 3.1% in 2022, an upward revision of five tenths from the forecast of three months ago. Looking ahead to 2023, the data has been revised down 1.3 points to 0.3%.
For the Ministry of Economy, these data confirm “the strong growth of the Spanish economy”, which if revised upwards “will exceed the average for world growth, the G20 and the eurozone”. By 2023, the government emphasizes that Spain will have “five times the average growth rate of the eurozone”. In addition, inflation is expected to be 1.2 points below the eurozone average, which is noticeable in the department headed by Nadia Calviño.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
