Sunday, August 18, 2013

Nouriel Roubini : Spain is starting to Recover

Nouriel RoubiniNouriel Roubini : "After our meeting with politicians in Madrid we can conclude that the recession has bottomed.'ve Confirmed that the long contraction Spain is showing signs of diminishing. Any hope that the data of GDP to turn positive in late 2013 is premature, but the probability of higher qualification, stagnation recession is greater ".

And Roubini adds :

"The main problem facing the Spanish economy is the lack of recovery efforts. Symptoms to the acute phase of the crisis have been falling in the acceptance and passivity."

     "On one hand, the remarkable efforts of long-term structural reform, particularly the improvement of unit labor costs and labor market flexibility, have made a positive-momentum transmitted by exports and tourism. But on the other, Spanish politicians have little hope that the Europeans will offer serious antidotes against the legacy of austerity ".

     "We have also noted that politicians countered pessimistic IMF forecasts a 0% growth in 2013 to 2017 and GDP growth of only 1% in 2018".

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