The triumphant narrative that emanates from Moncloa’s propaganda terminals has once again collided with reality. Information from the International Monetary Fund (IMF) released this week is not just a summary of Executive Representative Pedro Sánchez’s economic policy summary; This is an act of extinguishment of the claim “milagro económico español”.
Beneath the surface of GDP growth figures subsidized by public gas, immigration and tourism, an economy plagued by serious structural pathologies, galloping legal uncertainty and an unsustainable public epidemic that endanger the well-being of future generations.
El Gobierno is experiencing growth above the Eurozone average. However, this confirmation has very fragile foundations.
The IMF puts the burden on the table: the driving force behind the Spanish economy is not productive inversion or efficiency gains, but rather public consumption and exogenous factors. The executive presents as a result extensive growth of low quality, own from atrasadas economies.
Private inversion, the cornerstone of any healthy and sustainable growth process, continues to offer anemic behavior. It was around 5% below pre-pandemic levels, an anomaly in the European context, Explainable only for the hostile environment for the capital.
Yolanda Díaz’s “labor reform” is considered an institutional fraud, according to the IMF
The IMF says something clear: without inversion, there will be no increase in the capital stock and it will reduce the potential growth of the economy.
Productivity diagnostics are troubling. With anemic growth aiming for 0% over the past decade, Spain has turned into a museum of economic inefficiency. He is powerless there is a risk of waiting to leave the new industrial revolution.
An economy that does not generate efficiency is unable to absorb artificial intelligence or automation. If this panorama coalesces, real wages will be condemned to exhaustion and the Spanish will lose their structural purchasing power.
Yolanda Díaz’s “labor reform” is considered a statist fraud by the International Monetary Fund. Although the official tax rate is 9.9%, it is 55% higher than the Eurozone average (6.4%) and exceeds the EU average (6.0%) by 65%.
The organism draws attention to the path of discontinuous fijos and signals that this number represents uncertainty, broken and distorted into the computer as “occupied” by inactive workers. He, taken from the example of the chronic juvenile individual, shows that normative rigidity follows as a structural plate.
The IMF notes the minimal impact on the real economy and the lack of capitalization in the private sector
The IMF calls for an end to the duality that drives out the most vulnerable under the euphemism of protecting the few and seeks the flexibility necessary to compete in the global economy.
One of the most critical points is the institutional grade. Abduction involves arbitrary interventionism and is classified as an attack on the certainty necessary to reverse it. The IMF confirms this consideration and constantly changing the rules of the game penalizes growth in Largo Plazo.
Spain has been transformed into a laboratory of social engineering, where private property is supported by the needs of a hypertrophied state that exists within its means.
The IMF is also removing the government’s rhetoric about “fiscal consolidation”. The organism is tajante: the reduction in the deficit was fundamentally due to inflation, which absorbed the recovery through VAT and IRPF without deflating tariffs, while gas continues to be cleaned. In a public debate that resists a significant reduction in GDP by 105%, the IMF calls for a credible structural adjustment, which the government refuses to implement due to political and clientelistic interests.
Mención aparte mere pension reform. For the IMF, the current slogan is a financial relief bomb. By connecting the plates to the IPC without introducing automatic adjustment mechanisms on the throttle side, an incremental structural improvement was generated.
The authority warns that the government’s projected revenue forecasts will be insufficient and the system will require additional adjustments of 3 to 4 points of PIB between now and 2050 to avoid a crisis. This condemns Spain to a chronic deficit that can only be addressed by a suffocating fiscal pressure on active workers that will impair competitiveness and intergenerational equity.
The faceless approach is reminiscent of the myth of the next generation of funds. The 21st century Marshall Plan has turned into an inefficient bureaucratic mess. The IMF notes a minimal impact on the real economy and a lack of capacity in the private sector.
The amount of money is questioned in the public sector and is not implemented to finance revolutionary projects capable of transforming the production structure. If you miss a historic opportunity, you can serve the interests of customers.
The clue to this pastel shade is persistent inflation, which the IMF predicts as one of the highest in the eurozone. It will create pressure to increase your salaries with two consequences.
If they increase to compensate for the rise in the general price level, firms’ costs will rise, impairing their competitiveness; yes it doesn’t work like that workers will have to face a real loss of purchasing power.
The IMF’s verdict is a radical challenge to the world’s anthropological optimism. Spain does not go “like cohete” and “milagro” does not exist. This is an economy that leads to exhaustion and an inefficient, destructive and confiscatory state.
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