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IMF revises up economic predictions for Spain

Xinhua, June 9, 2015 Adjust font size:

The International Monetary Fund (IMF) on Monday published economic predictions for Spain.

The IMF predicted a 3.1 percent growth for 2015 as opposed to the previously predicted 2.5 percent, while forecasting a 2.5 percent growth for 2016 as opposed to the 2 percent predicted in April.

The IMF highlighted that these growth rates surpass the euro zone average and asked Spain for more structural reforms and fiscal adjustments in order to boost job creation. Despite more than 500,000 new jobs being created in 2014, the IMF says unemployment is still high in the country.

The IMF emphasized the positive impact of the reforms implemented by the government of Mariano Rajoy that help boost investment and confidence.

However, the IMF warned about vulnerabilities and structural problems, such as the high public and private debt, which need to be reduced. The IMF asked Spain to increase sales tax, introduce co-payments for health care and implement new types of work contracts. Endit