The World Bank says the economic situation in Spain is “very serious”.

“The global economic recovery continues, but the debt crisis of Europe has placed new obstacles in the path to a sustainable medium-term growth,” says the report released Friday.
The World Bank says the economic situation in Spain is “very serious”.
The World Bank said that the economic situation in Spain is “very serious” but noted that the fiscal austerity measures taken by the Government are in the “right direction.”
“I think the situation in Spain is very serious and with extremely high unemployment,” said the director of World Bank macroeconomic trends, Andrew Burns, during a press conference which introduced the Global Economic Prospects report for 2010.
Burns stressed that it was “probable” that the fiscal consolidation measures implemented by the Spanish Government will reduce its risky position. He also mentioned that market indicators show that investors see the situation in Spain as less serious than that of Greece or Portugal.
The World Bank forecasts that the world economy will grow between 2.9 and 3.3 percent this year and next, above the 2.7 percent it forecasted in January 2010 and 3.2 for 2011.
The agency believes that the current crisis in Europe is a major threat to global growth.
(Source: barcelonareporter.com)