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.
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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.
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.
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.
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.
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.
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.
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 …
The public deficit forecasts contained in the 2021–2024 Updated Stability Program provided by the Spanish government to the European Commission have recently been disclosed. For 2021, the collective target deficit for the Public Administratio…
This Working Paper analyzes the evolution of the country's regional finances from 2003 to the present day, with a particular focus on 2020, for which the preliminary data has just been published.
Our results based on the foreign reserve decomposition method and the forecasting practice show that the impact of COVID-19 on China, although very large on Q1 and Q2 economic growth, will be quite limited on China’s Balance of Payments, especially the foreign reserve.
The structure of the current Spanish pension scheme is essentially the same as when it was set up at the end of the 1960s. In the 50 years that have gone by since its creation, the only changes it has seen have been to its parameters.