Spain's shrinking economic growth
Just a quick note for you on this. In July, the Spanish government lowered its economic forecast for GDP growth in 2023 from 3.5% to 2.7%. Hours later, the IMF said it would be 2%. Last week, the Spanish government said it would be 2.1%. Hours later, the Bank of Spain said it would be 1.4%. This morning, the IMF has posted an even lower new estimate: 1.2%. BBVA Research reckons 1%. If they keep going at that rate, they will all be forecasting a huge recession by the end of the year. If they don’t even last a summer, what is the point of economic forecasts and how incompetent are the economists preparing them?
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