IMF Revises GDP Forecasts for Spain

The International Monetary Fund (IMF), has made revisions to the GDP growth forecast for Spain, as well as India and Russia, as per a report from Investing.com.

The financial climate at the moment is certainly a difficult one to negotiate.

The cost of living crisis has struck many national economies, with high interest rates and soaring inflation, though there are hopes that the worst is over and things are going to gradually improve, though not for a long time will we likely see things back to a settled level.

IMF readjusts forecast for GDP in several countries

The IMF has readjusted its forecast for the GDP in several countries, then, including Spain, India, and Russia.

For Spain, the IMF has decided to reduce their 2024 GDP growth forecast to 1.7%, which is a three-tenth reduction from its previous estimate.

However, despite this downward revision, Spain is still expected to outperform other developed economies with a projected 2.4% growth for the current year, which is still a positive piece of news for the Spanish economy – with earlier predictions in the summer even higher thanks to tourism.

On the inflation front, the IMF is predicting a rise in Spain by 2024.

In India, the IMF increased its GDP growth forecast to 6.3% in 2023, and it has also increased its prediction for Russia, from 0.7% to 2.2%.

India, of course, is one of the world’s emerging economies whilst Russia has heavy sanctions imposed on it due to the war in Ukraine, but appears to be proving somewhat resilient to some of what has been enforced.

The IMF makes its assessments of each nation by looking at the global economic landscape and also how each country has recovered from the covid-19 pandemic, as well as national policies and international relations.

With further unsettled conditions in the Middle East, among others at the moment, we can probably expect the IMF to make more forecast changes in the near future.