The World Bank (WB) said today that the economic situation in Spain is "very serious", although it has indicated that fiscal austerity measures taken by the Government are in the "right direction." "I think the situation in Spain is very serious and extremely high unemployment," said today the director of World Bank macroeconomic trends, Andrew Burns, during a press conference which introduced the report Global Economic Prospects 2011.
Burns added that it was "probable" that the fiscal consolidation measures implemented by the Spanish Government to reduce the risk of a worsening economic situation. It has also highlighted that market indicators show that investors see the situation in Spain as less serious than that of Greece or Portugal. On the possibility of a debt crisis in our country, something considered unlikely at the moment, has warned that would impact on Spanish banks, which in turn could take its toll on Latin America.
The agency believes that the current "debt crisis" in some European countries is one of the major threats to global growth. "The global economic recovery continues but debt crisis of Europe has placed new obstacles in the path to a sustainable medium-term growth," says the report released today. However, it has raised its forecasts for global economic growth this year to 2.9% compared to 2.7% later in January, and 3.3% in 2011, one tenth more.
Burns added that it was "probable" that the fiscal consolidation measures implemented by the Spanish Government to reduce the risk of a worsening economic situation. It has also highlighted that market indicators show that investors see the situation in Spain as less serious than that of Greece or Portugal. On the possibility of a debt crisis in our country, something considered unlikely at the moment, has warned that would impact on Spanish banks, which in turn could take its toll on Latin America.
The agency believes that the current "debt crisis" in some European countries is one of the major threats to global growth. "The global economic recovery continues but debt crisis of Europe has placed new obstacles in the path to a sustainable medium-term growth," says the report released today. However, it has raised its forecasts for global economic growth this year to 2.9% compared to 2.7% later in January, and 3.3% in 2011, one tenth more.
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