Spain country risk report Q4 2022 : includes 10-year forecasts to 2031

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      <subfield code="a">Spain country risk report Q4 2022</subfield>
      <subfield code="b">: includes 10-year forecasts to 2031</subfield>
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      <subfield code="a">Spain has been one of the hardest-hit economies by the Covid-19 pandemic. We expect the negative repercussions of the pandemic and lockdowns, namely a surge in public debt, to be felt in the years ahead as this will limit the government's ability to counter future recessions with aggressive fiscal stimulus, leaving Spain vulnerable to potential negative shocks. Additional challenges lie ahead and the country needs to implement significant structural reforms aimed at boosting competitiveness in key export-orientated industries, ensuring the sustainability of the pension system and increasing educational attainment. However, the lack of a strong political consensus will continue to delay the implementation of such reforms. Therefore, after years of outperformance, we expect Spanish growth to moderate, declining closer to eurozone averages in the long term.</subfield>
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