Spain country risk report Q3 2021 : includes 10-year forecasts to 2030

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      <subfield code="b"> : includes 10-year forecasts to 2030</subfield>
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      <subfield code="a">Spain will be one of the hardest hit economies by the Covid-19 pandemic. In what we expect will be an asymmetric recovery, the country will most likely lag behind peers. We expect the negative repercussions of the pandemic and lockdowns, namely a surge in unemployment, will be felt in the years ahead. Political divisions and limited fiscal scope will weigh on the government's ability to support the recovery. Additional significant challenges lie ahead. The country needs to implement further significant structural reforms aimed at boosting competitiveness in key exportorientated industries, to boost productivity and innovation. Again, the lack of a strong political consensus will delay the implementation of such reforms. Therefore, after years of outperformance, we expect Spanish growth to moderate, declining closer to eurozone averages in the longer term. </subfield>
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