Report
Spain: Is it likely that the improvement in the economy is strong and permanent?
The recovery in the Spanish economy over the past ten years has been strong and impressive, and welcomed by the financial markets : I t started with an improvement in cost competitiveness that triggered an upswing in investment, exports and employment. But can we extrapolate Spanish growth in the long term? Many structural problems persist: Low productivity gains and potential growth, which can be explained by the population’s low skill level and the poor quality of the education system; The small size of industry, which has barely increased since the Spanish economy has recovered, and which may be due to skill problems, weak innovation drive and a low level of product sophistication; The structural unemployment rate, which remains very high. All these stru ctural problems could mean that while Spain is currently growing strongly thanks to the impressive improvement in its cost competitiveness, we should remain cautious with regard to the long-term outlook for the Spanish economy.
Provider
Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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