Published on Thursday, July 6, 2023

Spain | Effects of the reforms on medium and long-term growth

Retaking the path of convergence toward the most advanced economies will require a great deal of success in the investment of the European NGEU funds and in the reforms, and also time, with results that will be measurable in the medium and long term.

Key points

  • Key points:
  • A broad array of economic policies in labor, capital and product markets is needed to improve competitiveness and productivity, promoting business growth and private investment with better regulations and a better business climate.
  • After two years since the NGEU funds were implemented, it is too early to observe trend changes in the main determining factors of long-term growth.
  • The ex-ante evaluation of policies is complex due to the difficulty of translating changes in economic policies, reforms and public investment decisions into appropriate assumptions in economic models that, on many occasions, imply structural changes in their parameters.

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