Spain / IMF urges urgent action to create jobs

Spain’s reform progress and a correction in its fiscal and external imbalances are helping it to stabilise its economy, but urgent action is needed to create jobs and stimulate growth, the International Monetary Fund said.

The IMF, in a yearly assessment of Spain’s economy, on Friday projected a slow and difficult turnaround from eight straight quarters of contraction and said unemployment, which stood at 26.3 percent in the second quarter, was too high.

“The outlook is difficult and risks are high,” the IMF said, pointing to continued fiscal consolidation, tight financing conditions for small firms and external risks such as a delayed European banking union and a slowdown in emerging markets.

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via IMF urges urgent action from Spain to create jobs, growth | Reuters.