In its latest assessment, the Basque government estimated GDP growth for 2023 at 2.1% and will update the macroeconomic picture in the coming days. On the other hand, the adviser believes that raising interest rates to appease inflation could slow the economy and increase unemployment.
Euskaraz irakurri: Jaurlaritzak hazkunde aurreikuspena apalduko badu ere, enplegua sortzeko adinakoa izango da Azpiazuur arabera
The Minister of Economy and Finance, Pedro Azpiazu, has forecast a “slightly downward” revision to the Basque country’s GDP growth for 2023. In any case, he believes the economy will grow enough to generate employment despite “this framework of uncertainty” marked by the war in Ukraine and inflation. In an interview for Radio Euskadi’s “Boulevard” program, Azpiazu spoke about the economic forecasts for this year and recalled that they will release the updated macroeconomic picture in the coming days. Estimates for this year assume GDP growth at the end of the year will be 2.1%.
The economy of the Basque Autonomous Community grew by 4.4% in 2022, which the consultant has rated as a “positive data”one-tenth improvement on the Basque government’s latest forecast.
Pedro Azpiazu has also spoken about the European Central Bank (ECB) announcement after saying it is the interest rates until inflation falls to 2%. The adviser has warned that continuing to raise rates could lead to a slowdown in the economy and an increase in unemployment.
Likewise, it has demanded “sensitivity” from the ECB and a monetary policy that is more adapted to the problem of inflation and that it is not simply a rate hike.
Asked about the possible introduction of the 4-day working day, Pedro Azpiazu has considered that something of this magnitude should be faced “with a lot of reflection and a lot of consensus”.
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Source: EITB
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.
