The IMF is Pleased with Spain’s Economic Progress

• 06.09.2015, 23:06
•  Europe,  World

The International Monetary Fund is quite optimistic on Spain's economic recovery though it stresses that some further reforms are still needed such as the decrease of the unempoyment level in the country to get the best results. 

"The recovery has gathered speed and job creation has accelerated, but the level of unemployment is still high." This was written in IMF latest analysis of the Spanish economy, which was released yesterday, on June 8 "About half a million jobs have been created since mid-2014. However, more than 5m Spaniards, many of them young, remain unemployed".

Favourable conditions such as lower oil prices, the depreciation of the euro and a "supportive monetary policy" towards Spain by the European Central Bank, have helped Spain on the road to recovery, and the growth forecast was increased to 3.1 percent during 2015, up from the 2.5 percent it predicted in April, Thelocal.es reports.

"Vulnerabilities remain and deep structural problems persist, so additional efforts will be needed to sustain robust growth over the medium term," the IMF report says.

There were also some suggestions on how to help small- and medium-size enterprises (SME) to grow reducing the obstacles to this mission. The International Monetary Fund was also cautious about further continued strengthening  of Spanish banking sector  while reducing private debt, concerted, coordinated and credible fiscal consolidation and many other issues.