Fri, 07 May 2021

IMF raises 2021 growth forecast for Spain

Xinhua
07 Apr 2021, 05:30 GMT+10

MADRID, April 6 (Xinhua) -- The International Monetary Fund (IMF) on Tuesday revised its 2021 growth forecast for the Spanish economy, predicting a 6.4 percent increase in the country's gross domestic product (GDP), one of the highest increases among the world's developed economies.

Accordingly, Spain could recover faster from the COVID-19 pandemic than Germany (3.6 percent), France (5.8 percent) or Italy (4.2 percent). Spain's GDP is projected to grow 4.7 percent in 2022.

However, the IMF warned that the recovery could be affected by numerous factors, such as the coronavirus vaccine rollout and the possible evolution of new virus variants.

Spanish Prime Minister Pedro Sanchez told journalists after Tuesday's cabinet meeting that his government's recovery and resilience plan is expected to be approved next week.

Sanchez said that the measures his government has already introduced are slowly having the desired effect.

Sanchez also said that by the end of August, the authorities plan to have 33 million Spaniards (70 percent of the population) fully vaccinated against COVID-19. For now, his government does not intend to extend the state of alarm that has been in force since Oct. 25 beyond May 9.

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