EU Cuts Spain'S Economic Growth To - 12.4% In 2020

According to the Spanish daily El PA í s on November 5, 2020:

After a short period of economic growth in the third quarter of this year, the 27 EU Member States fell into the crisis of new coronal pneumonia (covid-19) in the fourth quarter. The European Union believes that Spain's economic growth will be reduced to - 12.4%, 5.4% in 2021 and 4.8% in 2022, due to the severe impact of the epidemic on tourism and hotel and catering industries. However, the growth in these two years will surpass that of France and Italy.

However, according to the third quarter statistics released by Eurostat, the euro zone countries have not yet passed the economic downturn due to the outbreak of the second wave in autumn. The general shops, bars, hotels and restaurants in France, Belgium, the Netherlands and the Czech Republic have been closed.

As far as Spain is concerned, the spread of the epidemic has led to a sharp decline in tourism in the summer of this year. In the first quarter, the European Union estimated that Spain's GDP in 2020 would be - 9.4%, which may be difficult to achieve. According to the European Union, the epidemic will seriously affect tourism, hotel and catering industry and cultural activities, and will continue until 2021, so Spain's economic growth forecast will be lowered; Italy's economic growth this year will be - 9.9%, which is better than the forecast, while the economic growth in 2021 and 2022 will be 4.1% and 2.8% respectively; the economic growth of France in 2021 and 2022 will be 4.1% and 2.8% respectively.

Compared with the expectation of the European Monetary Fund (comi) - 12.0%, the growth rate is similar to that of the European Monetary Fund (comi) - 12.0%, which is similar to that of Spain's European Monetary Fund (IMF) - 11.0%. Nadia Calvi ó o, Spain's deputy prime minister and Minister of economy, said that Spain's economic performance in the third quarter was 16.7% higher than that in the second quarter. However, the deadline for the European Commission's economic forecast is October 22, which should not include the complete information of the third quarter and the measures to be implemented in the first draft of the Spanish economic recovery plan and budget.

The European Union estimates that the fiscal deficit of western countries this year will be 12.2%, higher than the 11.3% predicted by the western government, 9.6% in 2021 and 8.6% in 2022; the government bonds of western countries will also increase to 120.3% this year, 122% in 2021 and 123.9% in 2022.