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GDP growth is revised upwards in 2022 and 2023 to 5.5% and 1.6%, respectively, and downwards in 2024 to 2.6%. The Spanish economy is holding up better than expected, although persistent inflation and the expectation of higher interest rates worsen the growth scenario for next year.
Increases in the national minimum wage (SMI) are excellent news in economies in which productivity is growing and employment rates are high. However, there needs to be an awareness of the costs and benefits of the measure, which regrettably are still not being evaluated with the necessary detail and rigor.
The minimum wage policy has been insufficient to attack the structural problems of the labor market. It has eclipsed the need to discuss more structural aspects of the economy that allow for a more robust labor market and a horizon for creating…
A monetary policy that carries the reference interest rate to an excessively restrictive terrain in a context where long-term inflation expectations remain well anchored can have counterproductive effects.
On June 7, 2022, the European Parliament and EU Member States reached an agreement on the Directive on adequate minimum wages. Despite the arrival of this Directive, differences in minimum wages between EU Member States will continue to exist f…
Now that the minimum wage approaches the target level of 60% of the average salary, we need to rethink employment and training policies. If we don’t, the unemployment rate, investment and productivity growth could all take a hit.
The empirical evidence on the minimum wage provokes a heated debate on its increases and the need to differentiate it according to age and work experience, or region.
When increases in the minimum wage are determined based on the evolution of productivity and employment, a high minimum wage reflects—in the long-term—the good health of the economy, competition in its markets, its productive capacity and a hig…
Last December an increase of 20% was announced for minimum wages for this year. This will obviously mean an increase in the standard of living of those workers who perceive it: about a million people, according to the National Survey of Occupat…
In The Godfather movies, you can never cease to be surprised at the feeling you get that when the main character knows more than you. That he is one step ahead. This is what Al Pacino makes quite clear when he tells his brother Fredo: “I know i…
October 10, 2019
In the last two years the minimum wage has had significant increases: 10% in 2018 and 16% this year. However, these figures must be put in context. From 1980 to 2018 the real minimum wage lost just over 60% of its value.
A week ago, BBVA Research revised its GDP growth forecast for 2019 upward one tenth to 2.3%, twice as much as in the eurozone. Days later, the IMF did the same and its forecast was also raised to 2.3%.
