Economy recognizes the “high uncertainty” surrounding the recovery of Spain


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«The situation is marked by a high degree of uncertainty. (…). We are in an extremely uncertain situation, which has to do with the evolution of the pandemic. This is how Ana de la Cueva, Secretary of State for the Economy, declared at the closing of the XXVII Meeting of the ABC-Deloitte Financial Sector, sponsored by the Appraisal Society. At the same time, he stressed that the government has always been “extremely on economic forecasts.” “We have not been carried away by euphoria,” he said, despite the fact that most institutions and analysis houses have lower estimates than those of the Executive.

De la Cueva has reviewed the positive data of the GDP of the third quarter, which have even surprised since at that time the outbreaks were already showing and tourism had not recovered – it has not recovered now yet – its activity. In terms of employment, he explained that the data show “a recovery in job creation”, with more than 570,000 jobs, almost half of the loss in the previous quarter. And in hours worked, he recalled that the rise was around 15%.

The Secretary of State for the Economy has also been aware that the so-called “social shield” that the Government sells every time it can has involved “an enormous budgetary effort”, although without which the collapse of GDP would have been “in around 25% and three million additional jobs would have been lost. ‘ In this sense, he recalled the impact that all public measures are having and will have on public deficits and debt, which they are a «drag on future generations», and that “we will have to properly manage”

“We have to be aware that these measures have to be financed,” he said. Of the cave. For this reason, the machinery of the Public Treasury was activated to considerably increase the objectives for attracting debt.

Thus, the number two of Economy has encouraged to “bet on future projects” in the face of European funds, whose amount for Spain amounts to 140,000 million euros. “These projects will allow us to grow better and repay the debt,” he added. The Executive is now working on the details of the recovery plan and the projects that will be sent to Brussels to benefit from that money. The ecological transition and digitization will be two of the key legs of these community games.

“It is time to continue moving forward and launch investments and reforms that allow activity to be boosted, transform the production model and make the economy more competitive,” stressed De la Cueva. And for all this, the role of the bank as a channel for all financing will be essential, in his words.

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