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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.
The Spanish economy saves more than it invests, exports more than it imports, pays less and less interest than the returns it generates abroad, and will do all this at record high levels this year.
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 o…
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 affect…
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 St…
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.
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 public accounts.
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 Administrations is 8.4% of GDP, which will progressively decrease to reach 3.2% in 2024.
