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Spain Recession To Continue In 2010: IMF Say

26 January 2010 573 views 6 Comments

On the same day as the UK announced that it has formely exited the recession, the International Monetary Fund (IMF) have confirmed what many have been saying, that Spain will remain in recession throughout 2010, with low growth forecast for 2011.

The International Monetary Fund, IMF, has released its latest forecast for the Spanish economy and although it has improved its number by 0.1% it still thinks Spain will be the only developed country to show no growth in 2010, expecting it to shrink by 0.6%. The forecast matches that from the OECD, the Organisation for Economy Cooperation and Development.

There is increasing concern in particular over the level of property related debt in the construction industry that is currently estiated at over 320€ billion.

To put this into context the Eurozone is forecast to grow at 1% and the world economy by just under 4%

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  • TravelNewsFeeds said:

    travel advice Spain Recession To Continue In 2010: IMF Say | Expat Life Spain: TravelNewsFeeds: travel advice Twit… http://bit.ly/cAmdET

    This comment was originally posted on Twitter

    # 26 January 2010 at 8:31 pm
  • Have You Seen Any Green Shoots? | Debt Consolidation Loan Secured said:

    [...] Spain Recession To Continue In 2010: IMF Say | Expat Life Spain Posted in Uncategorized | Tags: a tough year, Alarming Statistic, Bad News, Business Contacts, Business Interests, calling the bottom of the market, Cheap Holidays, Confidence, cost reduction consultants, Economic Downturn, economic situation, Economy, First Signs, Front Doors, Helping People, Many People, No Doubt, Operative Word, recession, Three Fifths [...]

    # 27 January 2010 at 5:24 am
  • Long Term Rentals Spain | A Life In Spain: Blog & Forum about living in Spain said:

    [...] It will be interesting to keep an eye on this particular metric to see if it is a good indicator of the general recovery in Spain that isn’t expected to occur until the end of 2010. [...]

    # 28 January 2010 at 5:59 am
  • Measuring The Recession In Spain | A Life In Spain: Blog & Forum about living in Spain said:

    [...] how quickly the country shows signs of getting out of the current recession that many forecast will continue through 2010, but yesterday I had a far more local indicator demonstrated to [...]

    # 6 February 2010 at 10:29 am
  • Spanish economy remains in recession | Expat Life Spain said:

    [...] Spanish economy remains in recession 11 February 2010 8 views No Comment Despite recent reports that Spain itself was feeling “bullish” about the recession, it seems that expats living in Spain would do well to not get their hopes up and to continue to expect the recession to continue well into 2010. [...]

    # 11 February 2010 at 1:15 pm
  • Aria Smith said:

    during the height of the economic recession, our online and offline business in the US have suffered some major drop in sales. now our sales are getting slowly back to normal.

    # 19 February 2010 at 5:18 am

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