Minister: Spain will come back into recession

The new Spanish Minister of economy and competitiveness, Luis Guindos, said yesterday that the Spanish economy will shrink in the last quarter of this year and the first 2012, which would lead to the entry into recession to chain two consecutive quarters of contraction.

During the inauguration of senior members of his Ministry, of black cherry - that has avoided using the word "recession" - said that in the fourth quarter of the year Spanish GDP will register "negative growth" compared to the previous quarter, which could be two or three tenths.

The new Minister also advanced the figure of the first quarter of the year will also be negative.

In his view, these two quarters "will not be easy for growth and employment". However, said that the difficult situation will be "an incentive" to promote the necessary reforms, including that of the financial sector, which considers "vital e" u000a"must have", and the market of goods and services, aimed at the Elimination of obstacles bureaucratic.

In addition, marked as another priority of his Department the rapid integration of competences in science and technology, in order to move forward in a model of growth more sustainable.

As the new Minister of economy, the next six months will be very important for your Department, it has a "very deep and very comprehensive" reform agenda.

With regard to the situation of the countries of the euro area, black cherry stated that "they have an enormous" in the coming months and would like to express its confidence in which Spain has an important role in the process of decision-making and implementation of reforms.

Share this article

Digg it!

del.icio.us

MySpace

Facebook

Fark

Reddit

Newsvine