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Europe, News feed Date: 19 June, 2024

Economy of Spain Shows Remarkable Resilience Says the IMF

Economy of Spain Shows Remarkable Resilience Says the IMF

The International Monetary Fund (IMF) commends the economy of Spain for its remarkable resilience to “elevated global uncertainty and tighter financial conditions”.

Under Article IV of the IMF’s Articles of Agreement, the Washington, D.C.-based UN financial agency schedules bilateral discussions with members. The resulting Staff Report has just been released, delivering another Spanish economy good-news story.

The Economy of Spain Survives Shocks to the System

The IMF Staff Report begins with a positive appraisal regarding the economy of Spain. It acknowledges that “Spain’s economic resilience to adverse shocks has improved and long-standing labor market deficiencies have eased.”

The country has bounced back from the pandemic and an energy emergency. Lately, “the strong economic recovery, propelled by services, brought the unemployment rate down to levels last seen before the Global Financial Crisis (GFC)”.

Energetic Growth of the Spanish Economy

“The Spanish economy weathered the energy crisis better than most peers, and growth has remained resilient to weaker global trade and the drag from higher interest rates”, the report continues. The 2.5% increase in GDP compared well to the 0.7% rate across the eurozone.

Powerful “labor market performance, which underpinned double-digit household disposable income growth (11 percent in 2023), as well as the normalization of headline inflation, have supported consumption.”

IMF Predicts a Healthy Economic Future for Spain

The IMF Staff Report notes that “growth is projected to remain robust in the near term before gradually converging to its medium-term potential.” Q1 of 2024 was a powerful start of the year but the IMF forecasts a levelling out to 2.4% growth over the course of 2024 and 2.1% in 2025.

Furthermore, “output is expected to stay close to potential in 2024, and the unemployment rate to fall further towards its medium-term structural level, slightly above 11 percent.”

The Latitude View of the Economy in Spain

David Regueiro Santalla is our Chief Operating Officer (COO). He suggests that you should always consider the economic performance of a country before signing up to a Residency by Investment Programme. “Investing in a residency is a financial undertaking that requires the usual due diligence,” explains Regueiro.

While recommending you take time to research, our COO warns against complacency regarding the Spanish Golden Visa. “Investment migration is not a static industry,” he summarizes.

“The Spanish Government looks like replicating Portugal by removing the real estate option from this Residency by Investment. So, you should move quickly to ensure you can qualify for a residence permit by purchasing property.”

How does the International Monetary Fund rate the economy of Spain?

Following the Path to Obtaining a Spanish Golden Visa

If the IMF’s positive verdict about the economy of Spain stimulates your interest for Residency by Investment in the country, here’s how to take the next step. You should get in touch with an investment migration expert such as Latitude Group. So, don’t delay and contact us today.

Economy of Spain Shows Remarkable Resilience Says the IMF

Date: 19 June, 2024

Posted in: Europe, News feed