OECD Economic Surveys [electronic resource].
Publishing, OECD.
OECD StaffCorporate Author
Paris : Organisation for Economic Co-operation and Development,
2012.
OECD's 2012 Economic Survey of Spain examines recent economic developments, policies and prospects and takes a special look at the banking crisis and youth employment.
Description based upon print version of record.
Table of contents; Basic statistics of Spain, 2011; Executive summary; Key recommendations; Macroeconomic policies to stabilise the economy and buttress the banking sector; Labour and product market policies to boost employment and growth; Assessment and recommendations; The economy is suffering a protracted recession; Figure 1. Recent macroeconomic developments; Figure 2. Recent financial market developments; Table 1. Short-term economic outlook; The current account deficit has fallen markedly but the trade balance will need to improve further
Restoring banks' access to funding is the most urgent priorityFigure 3. Developments in the balance of payments; Figure 4. Net foreign asset position and gross external debt; Steps have been taken to accelerate the restructuring and resolution of banks; Resolution of non-viable banks needs to impose losses to some creditors to protect tax-payers better; Reform of bankruptcy procedures can accelerate restructuring; Box 1. Key recommendations to exit the banking crisis; The government has introduced large front-loaded budget consolidation; Table 2. General government revenue and expenditure
Table 3. Fiscal targets 2012-14 for general governmentTable 4. Expected improvement of the general government budget balance from measures taking effect in 2012 and 2013; Ambitious budgetary rules have been introduced; Box 2. New budgetary rules apply from 2012; Pension reform has damped the expected increase in ageing-related spending but further reform is necessary; Budgetary consolidation should be combined with a reform of the tax system, notably to make it more green-growth friendly; Figure 5. Government expenditure and tax revenue in selected OECD countries
Table 5. Structure of tax revenueFigure 6. VAT revenue ratio; Box 3. Key recommendations to put public finances on a sustainable basis and make the tax system more growth friendly; Progress in labour market reform is considerable but important challenges remain; Ensuring that employment protection is not a burden for hiring; Promoting job creation through more flexible adjustment of wages; Figure 7. Wage costs; Strengthening activation; Ensuring that youth acquire the skills needed in the labour market; Box 4. Key recommendations on labour market reform
Reforms to raise productivity can strengthen competitivenessBox 5. Key recommendations on product market reform; Bibliography; Annex A1. Progress in main structural reforms; Chapter 1. Deleveraging the private sector and overcoming the banking crisis; The financial crisis needs to be addressed quickly; Deleveraging has still a long way to go; Figure 1.1. Debt-GDP ratios of the private non-financial sector across OECD countries; Figure 1.2. Households' net wealth; Figure 1.3. Bank lending to non-financial businesses by sector; The housing market is continuing to adjust
Figure 1.4. The housing market
OECD's 2012 Economic Survey of Spain examines recent economic developments, policies and prospects and takes a special look at the banking crisis and youth employment.
Spain -- Economic conditions.
Spain -- Economic policy.
Spain.