The Spanish economy will suffer this year a historic drop of 9.2 % for the coronavirus

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It is expected that the country’s GDP to grow 6.8 % in 2021, in large part thanks to the recovery of the tourism sector.

The Gross domestic Product (GDP) of Spain will suffer this year a historic drop of 9.2% due to the impact of the covid-19reported this Friday in press conference Nadia Calviño, the Spanish minister of Economy.

Calviño reminded that the GDP of Spain already has registered a contraction the 5,2 % in the first trimeste of this year compared with the previous quarter in terms of volume. It is a fall without precedenes in recent history. In fact, during the peak of the Great Recession in the first quarter of 2009, the Spanish economy contracted by 2.6 %.

The minister explained that this strong contraction is due, above all, to the fall of domestic demand, particularly private consumption, which will result in a highly significant increase of the savings, he added.

“These forecasts are prudent on the basis of the information available at the time,” she said Calviño, who emphasized that we are facing a “the scenario of V asymmetrical”.

In this sense, he detailed that by 2021 it is expected a GDP growth of 6.8 %, which in large part is due to the recovery of the tourism sector “once they have removed the restrictions on cross-border, and to reactivate the growth of the economies of their partners.

Progressive desescalada

The World Bank estimates that the crisis for the covid-19 will be

This calculation coincides with that of the Bank of Spain, which predicted that GDP would shrink between 6.6 and 13.6 %, with an increase of between 5.5 and 8.5 % in 2021. Similar is the forecast of the International Monetary Fund (IMF), which estimated a drop in GDP of 8 % with a recovery of 4.3% for the following year.

“The economic situation is consistent with the important measures of containment, with the sacrifice all we had to do as a country to curb the virus“said Calviño. As indicated, after the containment phase is now opened a progressive desescalada during which he will have to “recover as soon as possible the economic activity in a security environment that protects the health of citizens”.

The pandemic of covid-19 already has left 24.824 deaths and over 215,000 infected in Spain, one of the countries most hit by the pandemic in Europe. At least 112,000 people have been recovered since the start of the outbreak in the iberian country.

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