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OECD predicts low growth for Spain in 2012

(Xinhua)

19:05, November 28, 2011

MADRID, Nov. 28 (Xinhua) -- Spain would see a slow economic growth and high unemployment rate in 2012, the Organization for Economic Cooperation and Development (OECD) said on Monday.

The OECD predicts that the Spanish economy will grow by just 0.3 percent in 2012 and that unemployment will reach 23 percent, which would mean over five million Spaniards out of work.

The announcement comes less than a fortnight after it was confirmed the economy failed to grow in the third quarter of 2011 and comes a week after the Spanish general elections which saw the right wing Popular Party (PP) elected into power.

The PP are expected to put a program of major cutbacks into action early in the new year in an attempt to reduce Spain's deficit in order to comply with the agreement made between European Union leaders in October.

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