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OECD expects 0.3-percent growth for Spanish economy in 2012

(Xinhua)

13:24, November 29, 2011

MADRID, Nov. 28 (Xinhua) -- The Organization for Economic Cooperation and Development (OECD) had further bad news for the Spanish economy this 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.

This came amid an expected fall in the number of public employees as the incoming government of Mariano Rajoy's Popular Party (PP) endeaves to cut public spending in order to meet the EU requirements.

The OECD expectations for growth are more pessimistic than those presented by the organization in May this year, when it predicted a growth of 1.6 percent next year. It is also bad than the forecast by the European Commission, which expects a 0.7-percent growth for the country in 2012.

One of the few positive predictions is that with less people in work and less demand, prices can also be expected to fall.

The OECD has proposed measures for Spain, such as increasing sales tax, duty on fuel as well as a hike in inheritance tax.

Meanwhile in the labor market, the OECD suggests measures to make it cheaper to lay workers off as well as reform allowing companies to avoid collective bargaining when it comes to fixing salaries.

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