He miracle Spanish economic is supercertified. of their European peers, and in the head group of the developed. It was warned by the institutions: IMF, OECD, European Commission followed the government in their growth verifications and forecasts, and its continuous upward correction. Now, they corroborate it with their ratingsthat measure the ability of a country to fulfill its financial commitments.
These qualifications contradict catastrophism. And are erected in procyclical influence factor. When the great recession/crisis of sovereign debt, they were negative: they aggravated the Spanish situation. In this bonanza, they are positive: they increase the attractiveness for foreign investment. They lower the cost of debt (scheduled for this year), which strengthens fiscal consolidation: key to make it sustainable, immune to mishaps, and for the level of public spending/investment.
In September, the great four (, Moody’s, Fitch and the European Scope) have raised their note, to the A (to dry, or plus), which is the Honor Division, the recommended to invest in a country. Its history matters. From 1988 to 2012, Spain already enjoyed this note. The second division, with variants cape between 2012 and 2017. And rose to A (with a sign minus) Since 2018 to the current one. Interesting incitement for political scientists.
As much as the what of improvement is illustrative why. The three classical agencies coincide in two main reasons: a more balanced growth model, which has “exceeded their own growth (,, and comparative, in their quality of European leader. And thanks to immigration and labor reform that reduces temporary employment. The strength of export, banking and services, or the sanitation of families and companies, as well as the awakening of investment and productivity are other productivity common.
The Bibles of the Liberal Economic Press prodes similar recognition, sometimes truffled with political criticisms of government and opposition. Opened fire The Economist (12/12/2024) with your Which economy did the best that worldwide, combining five indicators: GDP, bag, inflation, unemployment and fiscal policy. And that he completed, arguing that his lesson to the rest of Europe is the reformist impulse (labor, financial, renewable energies). Now, with the editorial: Spain has become the most outstanding economy in Europe (28/9): In tune with others, it emphasizes that its “main engine has been immigration.”
Why does the macroeconomic miracle flan a locked social malaise? For a triple grievance. One, the slightest pace of salary recovery than that of inflation ,. Two, the greatest rhythm of food prices (as well as the European average) and (worse, as worse is access) than that of the rebalancing of purchasing power. Three, the gap between the exponential shot of bank and business benefits and the modest rise in salary income (except the SMI) or relatives.
Synthetic conclusion: the sin of the Spanish economy does not come from a lack of growth (greater GDP is a necessary but not sufficient condition to permeate the whole society) or an excess of social distribution. But of the insufficient redistribution.
