Spain:2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain

2020 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain

Volume/Issue: Volume 192020 Issue 298

Publication date: November 2020

ISBN: 9781513561004

$18.00

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Topics covered in this book

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Banks and Banking , Labor , Economics- Macroeconomics , Public Finance , ISCR , CR , GDP outturn , draft budget law , staff assumption , vis nonresident , staff appraisal , COVID-19 , Income , Loans , Global , Europe

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Summary

COVID-19 impact. The pandemic has hit Spain’s society and economy severely following five years of strong job-rich growth. A large service sector dominated by SMEs, importance of tourism, and widespread use of temporary employment make the economy particularly vulnerable to the health crisis. It will take several years for the economy to recover, and the outlook is subject to strong downside risks.