The International Monetary Fund (IMF) believes that Spain has "finally" entered a path of growth. The IMF estimates that Spain has crossed the threshold of economic austerity and is making "very good" progress.
Ranjit Teja, IMF mission chief for Spain and deputy director of the European Department, stated: "Spain has turned the page and is setting sail again, which is very good." Ranjit Teja emphasized that Spain has "finally" entered a path of prosperity. According to the International Monetary Fund (IMF), after a 1.2% contraction in 2013, the Spanish economy will begin to grow by 0.9% this year and by 1% in 2015.
"After the Mariano Rajoy government implemented strict fiscal austerity policies to address serious public debt issues, Spain confirmed its exit from nearly two years of economic recession in the fourth quarter of 2013. However, this fourth-largest economy in the Eurozone still faces significant challenges, including a sharp rise in unemployment and debt among households and businesses," said IMF representative Ranjit Teja at a press conference during the IMF and World Bank Spring Meetings held in Washington.
"Spain needs to increase job creation to boost demand in order to thrive," the IMF representative said. The Mariano Rajoy government has calculated improved growth figures, and the export sector must provide a strong push to create jobs."After the Mariano Rajoy government implemented strict fiscal austerity policies to address serious public debt issues, Spain confirmed its exit from nearly two years of economic recession in the fourth quarter of 2013. However, this fourth-largest economy in the Eurozone still faces significant challenges, including a sharp rise in unemployment and debt among households and businesses," said IMF representative Ranjit Teja at a press conference during the IMF and World Bank Spring Meetings held in Washington.
