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Spanish GDP growth drops one point this year according to the IMF

The International Monetary Fund (IMF) lowers the growth of the Spanish economy by one point to 4.8% this year. The first projections of the organization that include the impact of the war in Ukraine also cut half a point the increase in Spanish GDP in 2023 and leave it at 3.3%. Despite the reduction, the IMF calculates that the Spanish GDP will grow in 2022 two points above the average of the eurozone and that it will be the one that increases the most of the large economies of the eurozone. As for inflation, the organization places it at 5.3% in Spain this year and expects it to fall to 1.3% in 2023. On the other hand, the IMF calculates that the State will close 2022 with the rate of unemployment at 13.4% and that it will fall three tenths in 2023.

IMF projections confirm that the war in Ukraine will depress global GDP growth this year and next as well. The agency cuts eight tenths to 3.6% the increase in global GDP and forecasts that growth will also be 3.6% in 2023, two tenths less compared to previous calculations.

As for the advanced economies, the organization cuts six tenths to 3.3% the projection of growth this year and two tenths, to 2.4%, that of 2023. The economy of the euro zone is one of those that suffers the worst downgrade of the growth forecast, same as that of the United Kingdom. The cut in GDP growth is more than one point in the case of the euro zone and one point in the case of the United Kingdom.

On the other hand, the new forecasts of the IMF only cut three tenths to 3.7% the growth of the GDP of the United States. The economy most affected by the war in Ukraine will be Russia: the IMF projects a drop in GDP of 8.5%, more than 11 points more than the January forecasts.

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