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June 8, 2015

OECD praises reforms in Spain

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OECD praises reforms in Spain

The general secretary of the international organization OECD (Organization for Economic Cooperation and Development), which consists of thirty most industrialized countries of the world, Angel Gurria cited Spain as an example of a country where economic reforms have contributed to the improvement and recovery from the economic crisis. According to the analysis of this authoritative institute, these reforms have helped especially in the fact that Spanish economy has created half a million jobs, considering that previously it was developing with a growth rate below the minimum threshold necessary to create jobs in the country.

"The economic growth in Spain this year will reach 3%, but the fact is that with a much lower increase last year, the economy managed to create half a million jobs and also will create 600,000 to 700,000 jobs this year,"- Gurria said during the official presentation of the report, entitled Economic Outlook.

"This means that the Spaniards were able to evolve to the extent necessary to create jobs, as they carried out a series of reforms that contributed to economic growth," added the Mexican president of this international organization and also stressed the "critical" importance of these reforms.

In addition, the OECD report significantly improved its forecast for economic growth in Spain in 2015 and 2016 that are now near the forecasts of the government, but the organization also stressed the need for the country to continue with reforms to improve the climate for business and labor market situation. In particular, the club of industrialized countries raised its forecast for growth in gross domestic product (GDP) of Spain in 2015, from 1.7% forecast in November, to 2.9%, while the forecast for 2016 was increased from 1.9% to 2.8%.

Therefore, the OECD forecasts have been established on the same level as these of the Spanish government, which forecasts the growth of 2.9% for both years, and exceeds the forecasts made by other international organizations like the International Monetary Fund (IMF), which provides an increase in Spain’s GDP of 2.5% in 2015 and 2% in 2016, and the European Commission (EC), which has raised its forecast to 2.8% this year and to 2.6% next year.

The OECD also predicts that the gradual improvement of the Spanish economy will help to reduce the unemployment rate to 22.3% this year and to 20.3% next year, compared with 23.1% and 21.9% planned for 2015 and 2016, respectively, in November. Despite this revision, these figures are higher than 22.1% and 19.8%, proposed by the Spanish government.

 

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