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January 27, 2021

Spain | Fiscal watch 1Q21

The expenditure growth stabilization and the strength shown by taxes, lead to lower the deficit forecast for 2020 to 11.5% of GDP. The Recovery funds represent an opportunity to favor fiscal adjustment and resume the downward path of public debt.

November 6, 2020

Spain | Fiscal Watch 4T20

The 2020 deficit is revised to 13% due to the strength of tax collection. The fiscal policy of the coming years will be conditioned by the implementation of the Recovery Plan

August 6, 2020

Colombia | The challenge of building the recovery

The economic challenges for President Duque's remaining term are great and urgent, given the need to provide welfare for those who have lost their jobs and sources of income to the virus. Although the Government has acted swiftly to reach the most vulnerable, recovery measures need to be expedited.

August 5, 2020

Colombia | The financial system as a public policy instrument in the pandemic

The economic situation that the world is facing is different from what we have experienced in the last 70 years. In this crisis, the Colombian financial system entered with strong capital and liquidity positions, which has allowed it to absorb the shock and serve as an instrument for the implementation of public policies.

July 29, 2020

Spain | Fiscal Watch 3Q20

The public deficit deterioration will be greater than expected three months ago. In an unprecedented crisis, the sustainability of public debt could be compromised.

May 8, 2020

Spain | Fiscal Watch 2Q20

The outbreak of the COVID-19 pandemic and the containment measures will have an extraordinary impact on public accounts. The deficit and the public debt will be at their highest levels in the last decade.

February 5, 2020

Spain | No fiscal adjustment in 2019

Budget execution data up to Nov-19 anticipate a further structural deterioration of the structural balance during 2019. For 2020-2021, and pending the completion of the new government's budget programme, the recently approved measures maintain the expansionary tone of fiscal policy

January 17, 2020

Reforms to Boost Prosperity

The Spanish economy is suffering a double impasse. Politically, although a government has just been formed, it is difficult to anticipate what support it will have for approving new general budgets and legislative initiatives that provide a new momentum for reform. Economically, GDP has slowed.