Spanish economic policy in response to Covid-19

Spanish economic policy in response to Covid-19

Fecha: abril 2020

Raymond Torres, María Jesús Fernández

Política económica, COVID-19, Medidas económicas, España, Previsiones económicas

Spanish and International Economic & Financial Otlook, SEFO, V. 9 N.º 2

The Covid-19 health crisis poses a major challenge for economic policy due to the unprecedented nature of the shock and because the repercussions will be significant. GDP is expected to drop sharply in the first half of the year, followed by a rebound in the second half, resulting in a contraction for the whole of 2020 of an estimated 3% – etching out a U-shaped recovery. Compared to other more alarmist predictions, that scenario is already playing out in countries hit by the virus earlier, such as China and South Korea.

In 2021, the Spanish economy could grow by 2.8%. The emergency measures announced to date by the Spanish government and the ECB in response to the situation are a necessary first step; however, the authorities will have to continue to fine-tune the intensity of their stimuli depending on the duration of the crisis with the aim of safeguarding productive structures, preserving jobs at sustainable businesses and ensuring that the rebound materialises as anticipated.

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