Spanish economy could shrink up to 12.4% in 2020: Bank of Spain

FILE PHOTO: Coronavirus disease (COVID-19) outbreak, in Madrid
FILE PHOTO: A woman wearing a protective mask waits to enter a pharmacy displaying a Spanish flag with a black ribbon, amid the coronavirus disease (COVID-19) outbreak in Madrid, Spain, April 18, 2020. REUTERS/Susana Vera/File Photo

April 20, 2020

MADRID (Reuters) – Spain’s economy should shrink between 6.8% and 12.4% this year depending on whether its lockdown over the coronavirus, first imposed in mid-March, lasts eight or 12 weeks, the Bank of Spain said on Monday as it charted various economic scenarios.

The Spanish central bank said the disruption suffered by the Spanish economy was, as in the case of other countries, of “considerable severity”, although there was still great uncertainty.

In any case, an upturn is expected to begin in the second half of the year, leading to a “remarkable recovery” in 2021, with a projected growth of between 5.5% and 8.5%, it said.

(Reporting By Jesús Aguado and Emma Pinedo; editing by Andrei Khalip)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *