IMF suggests Spain raises VAT

Image of Fire Brigade personnel in Malaga province. Credit: [email protected]

The International Monetary Fund (IMF) says Spain’s economy is expanding quickly, and is pleased that it is gaining momentum. It is set to grow by 3.1 per cent this year.
However, additional labour reforms are needed to bring down high unemployment.
Reported by the Associated Press, the IMF said Spain’s growth spurt following the painful adversity from 2008-2013 should continue into 2016 with economic expansion of 2.5 per cent.
But the report, issued on Monday, June 8, focused on Spain’s high unemployment rate of nearly 24 per cent, as well as a rate which is twice that for workers under age 25.
The IMF urged Spain’s government to endorse more labour reforms to lower the jobless rate.
It says Spain has created 500,000 jobs over the last year following labour reforms, making it easier and cheaper to hire and fire workers.
But in the same breath, the IMF added that five million workers remain unemployed, many of them young adults.

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