The IMF Forecasts that Spain’s GDP will Contract by 8% in 2020 and Unemployment will Rise to 20.8%

16 April 2020 – Brainsre.news

The International Monetary Fund (IMF) has published its new forecasts for the Spanish market, where it predicts that the impact of Covid-19 will wreak havoc on the economy, never seen before, with an annual decline in GDP unprecedented since the Civil War.

In this way, in its World Economic Outlook report, the body has indicated that Spain will suffer an 8% fall in Gross Domestic Product (GDP) during 2020, whilst unemployment will rise to 20.8%. Overall, it forecasts that the Eurozone will suffer a 7.5% decrease in GDP, with the economies of Italy and Greece being the hardest hit by the coronavirus crisis, with expected drops of 9.1% and 10%, respectively. On the other hand, France and Germany are predicted to experience GDP decreases of 7.2% and 7%, respectively.

Original Story: Brainsre.news

Translation/Summary: Carmel Drake

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