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We are faced with a pandemic whose economic impact will likely cause the biggest drop in global GDP since the end of the Second World War. The uncertainties are enormous.
The enormous human cost of the coronavirus crisis is in addition to a considerable global economic impact, which will almost certainly lead to negative growth rates in most of the advanced economies.
In this Economic Watch we present different growth scenarios for the Spanish economy in 2020 under diverse assumptions and hypotheses, and evaluate the potential effects of the economic policy measures recently adopted by the Spanish government to mitigate the economic consequences of COVID-19.
The outbreak of Covid-19 will have a significant negative impact on economies at a global level with generalized shocks on supply and demand, therefore, we revised our GDP growth forecast to -4.5%. Fiscal objectives have to take second place; the most urgent is to underpin health systems and support workers.
Between 2013 and 2018, the disparities in GDP per capita between the Autonomous Communities have barely reduced. This is unusual given that regional convergence in Spain has always appeared to be cyclical in nature.
In recent years, there have been warnings about the outbreak of a new international crisis. But the cause of the global crisis is the unknown risk that nobody expected: the COVID-19 pandemic.
March 16, 2020
China | Negative Jan-Feb economic activity outturns point to a historical low growth in Q1
A batch of record-low negative January-February indicators announced today pointed to a significant slowdown in economic activities in Q1 amid the outbreak of COVID-19 in China.
BBVA Research has analyzed developments in the Valencian tourism sector for a number of years, and seen the important changes that it has undergone. The sector generates around EUR 16 billion per year (15% of regional GDP) and is responsible for 290,000 jobs (15% of total employment).