Economy

OECD’s Gurría welcomes budget proposal and economic reforms announced by the Spanish Government

 

28/09/2012 - OECD Secretary-General Angel Gurría welcomes the Spanish government's budget and the economic policy measures announced yesterday. “These measures reveal Spain’s political decision to address short-term and structural challenges and represent a crucial step towards providing economic certainty. They also build on the comprehensive reform efforts already taken by the government in the last few months,” he said.

 

“The budget marks substantial progress in putting government finances on a sustainable path and shows the government's firm commitment to fiscal consolidation. The economic policy strategy includes key measures to overcome the difficulties in the financial sector an presents an important structural reform agenda. It proposes a wide range of concrete measures to be introduced in coming months, which address the key structural weaknesses of the Spanish economy in product and labour markets. It also presents a wide range of measures to modernise the public sector, improve transparency in government finances, raise education outcomes, encourage entrepreneurship and foster research and development.”

 

“Appropriately, the government continues to put the labour market high up on the reform agenda, in particular tackling high joblessness among the youth. Indeed, it is important that labour market duality is gradually eliminated, that wages throughout the economy reflect economic conditions at the individual level and that young people have access to jobs. I also welcome the fact that, despite the overall reduction in public spending, some of the groups most vulnerable to the effects of the crisis are adequately supported through the improvement in pensions and scholarships.”

 

“We trust that the implementation of these measures will help restore full confidence in the Spanish economy and its fundamentals, as well as improve the wellbeing of Spanish citizens.”