Spain country risk report Q4 2021 : includes 10-year forecasts to 2030

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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 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 challenges lie ahead and the country needs to implement further significant structural reforms aimed at boosting competitiveness in key export-orientated 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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