OECD raises economic forecasts for Spain: 2.1% in 2023, 1.9% in 2024

euro espana

BancaMarch: The Paris-based organisation expects Spain to grow by 2.1% in 2023, improving its forecast for the country by up to four tenths of a percentage point compared to the previous report and in line with the government’s expectations. Looking ahead to 2024, the OECD also raises its forecasts, from 1.7% to 1.9%, although here it is below the executive’s forecast (+2.4%).

With these forecasts, Spain will be the large euro economy that will grow the most this year, ahead of Italy (+1.2%), the Netherlands (+0.9%), France (+0.8%) and Germany (0%). It will also grow more than twice as fast as the euro area (+0.9%) and half a percentage point more than the OECD as a whole (+1.4%).

On a global level, the OECD slightly improved its forecasts for 2023, to 2.7% (vs. +2.6%) although it warns of the “long road” ahead for recovery.

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