Could not be worse forecasts that could provide the International Monetary Fund (IMF) for Spain. The agency projected chairs Christine Lagarde the deficit will exceed 6% in 2012 and 2013. In particular, the gap stands at 6.8% accounting for this year and 6.3% for 2013. If these forecasts, Spain would not meet the deficit targets agreed with the European Union, Which are of 4.4% this year and 3% for next year.
These forecasts have worsened considerably since they made the same organization last September for our country. In fact, Spain is the country that has worsened their figures for all analyzed. Moreover, the same institution has raised the estimated deficit in 2011 to Spanish 8%, compared to 6.2% previously.
The Government has rushed through the mouth of his Minister of Economy and Competitiveness Luis de Guindos, And the president of the executive Mariano Rajoy, To point out that it will meet the deficit target, not exceeding the maximum limit set by Brussels. It also denies that it will have to apply a moratorium to meet the target for the deficit.
Mariano Rajoy has said from Portugal that the Government’s commitment is clear and that the plan of adjustment in the amount of 15,000 million euros will follow new measures in the near future, as labor market reforms and the financial systemOr further reduce spending in the next Budget. But it also has indicated that it will policies to create jobs and boost economic growthBecause in this way will increase revenue and is also fighting the deficit. He also noted that IMF forecasts are motivated to work harder and courage and to comply with its commitments to the European Union.
Despite such negative forecasts, IMF stresses the importance of measures already taken by Spain. However, again according to his report, the Spanish economy will have hard times these next two years, with a total collapse of its activity, leading to Spain enters recession. In particular, states that the GDP will suffer a decline of 1.7% in 2012 and 0.3% in 2013.
In closing his report, the IMF is important to continue with the settings to achieve debt sustainability over the medium term, But at the same time, it is necessary to produce a growth in production and employment. It also stresses the need for these settings are backed by the availability of adequate funding out of the markets, And avoid the negative impact on the growth of the economies of individual countries.