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Spain is emerging from a protracted recession, marked by a return to moderate growth and rising international competitiveness. Decisive banking and fiscal reforms, coupled with supportive monetary policy from the European Central Bank, have reduced financial tensions and improved public finance.
Structural reforms (labour market, banking, fiscal) have put the economy on the road to recovery.
The adjustment following the crisis has been particularly painful in Southern European countries, including Spain.
El ajuste producido como resultado de la crisis ha sido especialmente doloroso en países del sur de Europa, como España.
This paper provides both descriptive and empirical evidence about the main youth labour market problems in Spain. Using the experiences of other EU economies as a benchmark, we document the performance of Spain as regards a wide set of youth labour market dimensions.
Lanzamiento del Estudio Económico de España 2012 de la OCDE, Palabras de Angel Gurría
Secretario General OCDE
Spain is immersed in a prolonged recession that has been compounded by the continuing crisis in the euro area. The path to recovery has been launched, but will require full implementation of reforms and some additional measures to restore confidence in the financial sector, redress public finances and bring down high unemployment, according to the OECD’s latest Economic Survey of Spain.
OECD Secretary-General Angel Gurría welcomes the Spanish government's budget and the economic policy measures announced yesterday.
The Spanish economy experienced significantly weaker labour productivity growth than other OECD economies and failed to catch up with the most advanced economies in the period 1996-2007. In recent years labour productivity growth has accelerated, but this recovery is likely to be due to cyclical and temporary factors.
Economic recovery appears to have come close to a halt in the major industrialised economies, with falling household and business confidence affecting both world trade and employment, according to Angel Gurría. Growth remains strong in most emerging economies, albeit at a more moderate pace.