{
  "title": "Spain: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Spain",
  "publication": "IMF Staff Country Reports, November 21, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/11/21/spain-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-executive-46381",
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  "summary": "Spain’s economy has continued to grow strongly, reflecting its improved fundamentals. However, especially the young generation still faces daunting economic challenges. In the meantime, several downside risks are clouding the medium-term outlook.",
  "sections": [
    {
      "heading": "Executive summary and key findings",
      "content": "- Spain’s economy has continued to grow strongly, reflecting its improved fundamentals.\n- The young generation faces daunting economic challenges.\n- Several downside risks cloud the medium-term outlook:\n  - External risks: sudden changes in investors’ global risk appetite, escalating global protectionism, weakening conditions in emerging economies.\n  - Domestic risks: pressure to reverse reforms, continued procyclical fiscal policy, prolonged uncertainty related to Catalonia.\n- These risks could hurt the economy particularly in an environment of high public debt, structural unemployment, and sluggish productivity growth, which is set to slow Spain’s income convergence."
    },
    {
      "heading": "Major risks and vulnerabilities",
      "content": "- External:\n  - Sudden changes in investors’ global risk appetite.\n  - Escalating global protectionism.\n  - Weakening conditions in emerging economies.\n- Domestic:\n  - Pressure to reverse reforms.\n  - Continued procyclical fiscal policy.\n  - Prolonged uncertainty related to Catalonia.\n- Structural constraints:\n  - High public debt.\n  - Structural unemployment.\n  - Sluggish productivity growth leading to slower income convergence."
    },
    {
      "heading": "Policy implications and priorities",
      "content": "- Maintain and build on improved macroeconomic fundamentals.\n- Resist pressures to reverse past reforms.\n- Avoid procyclical fiscal policy to reduce vulnerability to shocks.\n- Address sources of prolonged uncertainty (including political/regional uncertainty) that could impair growth and investor confidence.\n- Tackle structural unemployment and policies that slow productivity growth to support income convergence and opportunities for younger cohorts."
    },
    {
      "heading": "Subject areas and keywords (as stated in the report)",
      "content": "- Subject: Banking, Income, Labor, Labor markets, National accounts, Public debt, Wages\n- Keywords: CR, Europe, Global, government debt-to-GDP ratio, IMF staff calculation, IMF staff estimate, Income, ISCR, labor market duality, Labor markets, liability positions vis-à-vis nonresident, money market rate, Wages\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 21, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484385715.002",
    "Spain’s economy has continued to grow strongly, reflecting its improved fundamentals.",
    "The young generation faces daunting economic challenges.",
    "Several downside risks cloud the medium-term outlook:",
    "These risks could hurt the economy particularly in an environment of high public debt, structural unemployment, and sluggish productivity growth, which is set to slow Spain’s income convergence.",
    "External:",
    "Domestic:",
    "Structural constraints:",
    "Maintain and build on improved macroeconomic fundamentals.",
    "Resist pressures to reverse past reforms.",
    "Avoid procyclical fiscal policy to reduce vulnerability to shocks.",
    "Address sources of prolonged uncertainty (including political/regional uncertainty) that could impair growth and investor confidence.",
    "Tackle structural unemployment and policies that slow productivity growth to support income convergence and opportunities for younger cohorts.",
    "Subject: Banking, Income, Labor, Labor markets, National accounts, Public debt, Wages",
    "Keywords: CR, Europe, Global, government debt-to-GDP ratio, IMF staff calculation, IMF staff estimate, Income, ISCR, labor market duality, Labor markets, liability positions vis-à-vis nonresident, money market rate, Wages",
    "**Country Report**"
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