The IMF points to Spain among the countries that will dodge the recession

MADRID, 14 Oct. (EUROPA PRESS) -

Spain will be one of the countries that will manage to avoid entering a technical recession next year, when the International Monetary Fund (IMF) expects Spanish GDP to grow by 1.2%, which represents a cut of eight tenths compared to its previous forecast, but keeps the Spanish economy at the forefront of growth in the eurozone.

"Spain is one of the countries for which we do not foresee a recession next year, when it will have strong growth," said Alfred Kammer, director of the IMF's European Department, warning that the Spanish economy, like those of its European neighbors , will be weighed down by weaker demand and deteriorating consumer confidence.

In this sense, last Tuesday the deputy director of the IMF Research Department, Petya Koeva Brooks, acknowledged that the IMF's forecast for Spain was pessimistic, since the international institution had closed its forecasts before publishing the GDP growth data in the second quarter, which exceeded expectations, with an expansion of 1.5%.

“If those forecasts for 2023 were made now, we would probably see even higher figures than we have,” admitted the representative of the Fund.

However, Kammer has indicated that Spain will not recover its pre-pandemic level of activity until the beginning of 2024, after having suffered in 2020 the most intense drop in GDP among advanced economies due to its high exposure to sectors with a high face-to-face component, such as hospitality and tourism.