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Second economic transition for Spain

Second economic transition for Spain

MADRID: In 2015, the IMF lead its report on Spain with this warning: “in spite of the significant improvements since the crisis. Just by reducing the high level of elasticity of imports and stimulating exports, the structural reforms undertaken can bring a substantial improvement in the external current account balance. This in turn will contribute to alleviating the risk of Spain having an extremely negative international position (the difference between the assets of non-residents in Spain and those of Spaniards abroad).” Firstly, the sustainability involved balancing transactions of goods and services. The 2007-2008 deficit, equivalent to 10% of GDP.The democratic and economic transition is not attractive in its totality. The differences in income and corruption is rubbing increasingly more into the wounds of the more disadvantaged. And undoubtedly politics are also letting us down. Instead of getting closer to the needs of the workers in Figueruelas and the harsh reality of many needy families, the parties and their leaders. But the economy, with great difficulty, and without keeling over, continues to give out positive signals: a surplus in the balance of payments and a primary deficit (discounting the interests on debt) of the Public Administrations. For the first time in many years, it was balanced in November 2017.