This International Monetary Fund Updating its forecast for the Spanish economy, the IMF calculates that GDP rose 5.2% in 2022, almost one percentage point higher than its previous forecast, compared to October when it projected a 4.3% increase. At the same time, the growth forecast for 2023 was slightly adjusted downward to 1.1%, one-tenth less than the October forecast.
Upside revision for 2022 and downside correction for 2023. This is the bifurcation followed by recent estimates of the Spanish economy and is also what the IMF assumes in its report on Spain following the process known as the ‘Article consultation’. IV’ was prepared after consultations with country authorities and economic and social agencies until the end of 2022. “The IMF report is very positive,” said the first vice-president, Nadia Kalvino. “Spain is revising its economic forecasts upwards and approving the Government’s economic policy, particularly on inflation response, fiscal responsibility and investment deployment, and recovery plan reforms,” ​​Calviño said.
The strong upward correction of GDP growth for 2022 only underscores the intensity of the expected slowdown in the Spanish economy in 2023; appearing in macroeconomic picture of the government. For its part, the slight downward correction of the forecast growth for 2023 appears to contradict the trend set by some of the upside revisions published recently. For example, a panel of experts from 19 study services by the Fundación de las Cajas de Ahorros (Funcas) increased its 2023 forecast by two-tenths to 1.3% (and increased from 4.5% to 5% of 2022) .
Source: Informacion
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