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January 13, 2025
Despite the high GDP growth rate of the Spanish economy (3.1% forecast for 2024) and a buoyant employment outlook (2.4% year-on-year growth in Social Security affiliation in December), the pension system has not yet managed to reduce its high structural deficit.
October 10, 2023
The COVID-19 crisis and the aftermath of the war in Ukraine have left a legacy of ballooning public debt levels and structural fiscal deficits higher than those existing in 2019 in many EU countries. Reducing them to avoid greater evils will be a crucial and ambitious task in the coming years.
April 17, 2023
Over the last two years we have witnessed numerous changes to the pension system in Spain, making it more generous, but less self-sufficient, with a larger structural deficit, no adjustment for increased life expectancy and greater dependence on transfers from the State.
November 21, 2022
Since the beginning of the pandemic, the performance of the key economic indicators has been disrupted, particularly in terms of the sharp swings in activity and now the persistence of inflation. Policy priorities have also been strongly affected.
October 17, 2022
The announcement of Spain’s government budget for 2023 has once again brought the subject of pensions back into the limelight, as this particular budget item has seen the largest increase and will require a record level of transfers from the State to finance the deficit.
July 11, 2022
The COVID-induced crisis has left a legacy of more public debt and higher public deficits in Spain. Moreover, the envisaged path of budget balances makes public accounts more exposed to the existing risk scenarios.
April 4, 2022
With rising energy prices, which are driving up inflation and dragging down economic activity, policymakers are facing some difficult dilemmas. This is the case with fuel subsidies in Spain and similar measures in other European countries.
December 20, 2021
One of the roles of Social Security is to provide insurance in the form of retirement pensions. Society is faced with the challenge of ensuring that Social Security provides this social policy through a sustainable and adequate pension system.
July 9, 2021
This article assesses the contribution to financial and social sustainability, of the draft bill covering the recent agreement on pensions reached between the government, unions and employer organizations.
July 5, 2021
Government, unions and employer organizations have announced a preliminary agreement on pensions which ensures their sufficiency, but, for now at least, provides no improvement in fiscal sustainability and delays the most difficult decisions.
May 12, 2021
Using simple calculations based on the figures published in the 2021–2024 Updated Stability Program (SP), it is clear that, with the assumptions contained in the SP, we will need a very ambitious roadmap to change certain long-term trends in public accounts.
