Spain’s growth boost forecast from IMF

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SPAIN'S GROWTH BOOST FROM IMF

THE INTERNATIONAL Monetary Fund (IMF) says it is raising the growth forecast for Spain in 2017 to 3.1 per cent, due to improved levels of consumption, investment and exports amid a surging post-crisis recovery.

The revised figure is 0.5 percentage points higher than the IMF’s previous forecast in April.

In the latest assessment released by the IMF on Tuesday, said more needs to be done to reform the banking industry despite recent improvements. It also warned that high-levels of public debt and unemployment remain a concern.

The Spanish government recently revised its GDP growth forecast for this year from 2.7 to 3 per cent.

The country emerged from recession in late 2013 and is now one of the European Union’s fastest-growing economies although its jobless rate of nearly 19 per cent remains the EU’s second-highest after Greece.

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