The Spanish financial system will develop by 1.6% in 2024 regardless of geopolitical uncertainty, in keeping with the College of Economists | Economy | EUROtoday
The General College of Economists predicts a progress of 1.6% for Spain in 2024. The entity, which this Monday introduced the report of the Financial Observatory and Economic Keys comparable to the third quarter of 2023, warns, nonetheless, in regards to the world geopolitical scenario, which is able to mark the evolution of the nation. In addition, they raised their inflation projection for this 12 months by one tenth, to three.2%. This estimate is topic to occasions within the Red Sea, that are inflicting a rise in the price of power and uncooked supplies.
The closing determine for 2023, of two.5%, has induced economists to boost their forecasts for this 12 months. They are additionally extra pessimistic in regards to the public deficit, which they consider will finish the 12 months at 3.4% of GDP, above the three% predicted by the Government. This improve is especially because of the truth that 2023 revenue won’t be maintained because of decrease financial progress.
The College's consultants have been particularly involved with the Consumer Confidence Index, which closed the 12 months 2023 at 77.6 factors, which is why it stays effectively under the euro zone common (round 100 factors). . Productivity, moreover, continues to be one of many essential issues of the Spanish financial system.
“We must take into account the geopolitical environment, which can lead to additional tensions that make the forecasts worse, so we are already at a key moment where we should dedicate our time and effort to the area of productivity, productive investments and the long-awaited control of the public deficit, if we want the 2023 figures to be consolidated,” the president of the General Council of Economists, Valentín Pich, remarked in a press convention.
The IBEX 35 and its enchancment in 2023
In the presentation of the report, it was highlighted that 2023 has been a constructive 12 months when it comes to equities, with will increase in the primary inventory indices. Last 12 months the IBEX 35 skilled an increase of twenty-two.7%. “2023 has been a positive year for all markets except oil. In the classification of stock markets, in the United States, the Nasdaq and the S&P 500 stand out. In Europe, it is worth highlighting the FTSE MIB40 of Italy and the IBEX 35,” stated Montserrat Casanovas, one of many authors of the doc.
Andalusia calls for extra assets
The Minister of Economy, Finance and European Funds of the Government of Andalusia, Carolina España, current on the occasion, has demanded a reform of the regional financing system, a difficulty that she admits will take a while to hold out, and proposes that it’s approve a fund of three,000 million euros to assist autonomous communities resembling Andalusia, the Valencian Community, the Region of Murcia and Castilla-La Mancha.
He has additionally careworn that the financial transformation “has to go hand in hand with the business sector” to advertise Andalusia as one of many essential job locations. “What we have to achieve is to attract foreign investment and provide more facilities by reducing bureaucracy because we want to continue being a magnet for investors,” he acknowledged.
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