Spain admits true recovery may still be years away

Fully aware of the fact that the road to recovery for Spain is still long, the government presented a new set of reforms and adjusted economic growth predictions for the next few years.

The government of Mariano Rajoy forecasted the public deficit for this year at 6.3 percent of the GDP, a much higher target than the previous 4,5 percent, and it’s now expected that the country’s GDP will contract by 1.3 percent for 2013. But the most serious situation is unemployment, at an alarming 27,1 percent, a rate the government admits is likely to stay the same for the remainder of this year and will probably only decline slightly to 26,7 percent in 2014.

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