Mr. Angel Gurría, Secretary-General of the OECD, was on an official visit to Madrid from 27 February to 2 March 2015. Mr. Gurría received a Doctorado Honoris Causa from the Universidad Europea de Madrid and the Nueva Economía Award, granted by the Nueva Economía Forum.
As other high-income countries, Spain has experienced competitive pressures from China and other emerging economies that have resulted in a loss of global market share.
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This country note from Going for Growth 2015 for Spain identifies and assesses progress made on key reforms to boost long-term growth, improve competitiveness and productivity and create jobs.
Structural transformation towards a more knowledge-based economy will strengthen Spain’s medium-term growth prospects. To deal with long standing impediments to higher growth the government has a substantial structural reform programme touching on education, the labour market and the business environment.
Policy efforts to revitalise entrepreneurship and investment in Spain are key to generating growth and new jobs. The government has a substantial reform program to make it easier to do business in Spain, which should in some cases be deepened. Boosting economic growth requires a new generation of high-growth companies and that resources flow towards the most productive firms.
Spain is emerging from a protracted recession, marked by a return to moderate growth and rising international competitiveness. Decisive banking and fiscal reforms, coupled with supportive monetary policy from the European Central Bank, have reduced financial tensions and improved public finance.
Spain has seen a recovery in output as a substantial reduction in unit labour costs improved its competitiveness.
The adjustment following the crisis has been particularly painful in Southern European countries, including Spain.
El ajuste producido como resultado de la crisis ha sido especialmente doloroso en países del sur de Europa, como España.