IMF expects Spanish economy to continue contraction

08:30, January 27, 2010      

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Instead of starting to pull out of the current downturn, Spain's economy will continue to contract throughout 2010, the International Monetary Fund said Tuesday.

The Spanish economy was expected to shrink by another 0.6 percent this year, the IMF said in its latest predictions.

Nevertheless, the figure represents a slight improvement from earlier predictions that the IMF made in last autumn, when the Spanish economy was projected to decline by 0.7 percent in 2010.

The good news was that next year will finally see an upturn and the IMF expects the Spanish economy to grow by 0.9 percent, although that will be the weakest growth predicted among major economies in 2011.

Source: Xinhua
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