The First Vice President and Minister of Economy, Nadia Calvinohas stated that he hopes that the inflation in Spain it will remain below the European average in the coming months after falling to 7.3% in October compared to 10.7% in the euro zone. During a recorded message to close the 27th Trobada d’Economia in S’Agaró, Calviño underlined inflation and slow growth as the main challenges in the coming months, although with the conviction that the upward trend in the general level of prices will slow down “thanks to the effectiveness of the measures adopted and the containment of energy prices in international markets” .
In his speech he recalled the latest investments announced by multinationals in the country, among them, that of the shipping giant, Maersk to build green methanol production centers; Google, with a cybersecurity center and other plans; Cisco Systems, with a chip development center in Barcelona or the confirmation of the Volkswagen-Seat plans, with the battery gigafactory in Sagunt (València) and the electricification of the Martorell factory, among others. “All these announcements are not understood without the structural transformation process which is underway with recovery plan“, which, as he stressed, “we must continue to travel the public and private sector“.
Strong and sustained growth
Despite the storm clouds on the horizon and after most study services and institutions have lowered their growth forecasts, especially for next year, he stressed that “Spain remains in a strong and sustained growth path“. And he has even estimated that the Government’s forecast of growing 4.4% this year may “fall short.” He highlighted the “excellent evolution of the labor market” as the most positive elements, with record levels of employment and permanent contracts and a temporary employment and youth unemployment “at historical lows”, as well as the “good evolution” of investment, the foreign sector and public accounts. “All organizations expect Spain to continue growing next year, although in a context of economic slowdown and inflation in Europe.”
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Faced with challenges such as inflation, the First Vice President and Minister of Economy has warned that the response to what is urgent “we cannot lose sight of what is important”, which are the medium and long-term objectives, such as the green and digital transformation of the economy. That is why, he added, that the reform agenda of the recovery plan continues to be deployed for more sustainable growth, from an economic and financial perspective, but also from an environmental and social perspective.
The vice president has assured that the reform agenda of the recovery plan is being deployed “with ambition and speed”. This, she added, “is already having a very positive impact, not only in terms of economic growth to boost investment and the creation of quality jobs, but also in terms of the structural transformation of our economic fabric”.