MOSCOW (Pakistan Point News / Sputnik - 01st December, 2020) Spain is experiencing the deepest economic recession in the world after Argentina and the country will not recover until 2023, the Organization for Economic Cooperation and Development (OECD) said on Tuesday.
According to the latest economic outlook made by the OECD, the recovery of the Spanish economy will be gradual and will remain below the pre-crisis levels until 2023. The gross domestic product (GDP) will fall by 11.6 percent in 2020. In 2021 the organization forecasts the GDP growth by five percent and in 2022 by four percent.
As for the Spanish labor market, the OECD expects that the unemployment rate will be at 15.8 percent in 2020, in 2021 it will rise to 17.4 percent and in 2022 the rate will fall slightly to 16.9 percent.
The OECD also recommended Spain to maintain a flexible approach to adapting policies to the COVID-19 situation in order to support businesses and workers most affected by the crisis.
