Spain: Reform Momentum Key for Facilitating Recovery after Historic Economic Contraction
(WorldNews Spain)

The economy in Spain experienced the largest recession among major euro-area economies in 2020. GDP contracted by 11%, slightly better than Scope`s estimate of a 12% contraction, but significantly worse than the 8.9% GDP decline in Italy, 8.3% in France and 5% in Germany. Significant monetary policy support has helped the financing of sizeable countercyclical fiscal measures to protect the economy. Spain is set to have recorded a double-digit fiscal deficit estimated at 11% of GDP last year, despite better-than-expected tax revenues, resulting in debt rising to...