IMF Claims Spain is Making Progress

Spain has made strong progress towards fixing its economy, according to the International Monetary Fund (IMF).

However, the IMF warns that the outlook for the country remains tough and has urged more action by the government and European Union to boost job creation.

It expects Spain’s economy to start to grow later this year. Spain has one of Europe’s highest unemployment rates, currently standing at 27%.

The IMF also says that further moves are needed towards banking reform.

“Strong reform progress is helping stabilise the economy and external and fiscal imbalances are correcting rapidly. But unemployment remains unacceptably high and the outlook is difficult,” the IMF said in its report.

“This calls for urgent action to generate growth and jobs, by both Spain and Europe.”

The IMF said that the top priority of the Spanish government should be to reform labour laws further, making it easier for companies to change working conditions rather than dismissing employees. It also called for Spain to provide more training to young and unskilled people to help them into work.

via BBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza