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Carlos Cuerpo highlights that Spain is “the growth engine of the EU” after learning about the economic forecasts

by AI | 15.Nov 2024 | Europe in brief AI

The body considered that the growth forecast announced by Brussels for Spain, from 2.1 to 3%, places the country as “the major European economy that will lead growth.”

The Minister of Economy, Trade and Business, Carlos Cuerpo (i), meets this Friday with his British counterpart, Rachel Reeves, in London. Cuerpo expressed his satisfaction this Friday after learning about the update of the European Commission's economic outlook for 2024, and emphasized that Spain is confirmed as "the growth engine of the Union" this year. In statements to journalists in London, where he met today with his British counterpart, Cuerpo considered that the growth forecast announced by Brussels for Spain, from 2.1% to 3%, places the country as "the big European economy that will lead growth". EFE/ Ministry of Economy - Trade and Business.

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London – The Minister of Economy, Trade and Enterprise, Carlos Cuerpo, expressed his satisfaction this Friday after learning about the update of the European Commission’s economic forecasts for 2024 and emphasized that Spain is confirmed as “the engine of growth of the Union” this year.

In statements to journalists in London, where he met today with his British counterpart, Rachel Reeves, Cuerpo considered that the growth forecast announced by Brussels for Spain, from 2.1 to 3%, places the country as “the major European economy that will lead the growth”.

The minister gave special importance to this growth being “compatible with an element of fiscal responsibility”, as the perspectives on the deficit evolution “are very much in line with the Government’s forecasts, with a 3 for this year, and they anticipate 2.6% for 2025”.

Cuerpo assured that in his meetings with investors and with the Minister of Enterprises, Jonathan Reynolds, yesterday in the British capital, he conveyed to them “the good moment that the Spanish economy is experiencing and will experience”, as well as the situation after the storm, especially in the Valencian Community.

In this regard, the minister stated that it is “too early” to have an idea of the possible impact of the storm on economic growth.

Despite this, daily monitoring of the evolution of activity and the number of workers in ERTE situations is being conducted, which currently stand at around “14,000 or 15,000” indicating for now still “a very limited impact”.

“We must see how it develops in the coming days and months, because let’s not forget that it is a very different situation from covid. In covid, we had a traffic light-type situation: as soon as the light turned green, our companies were already prepared to operate normally and this is not the case,” he stressed.

Cuerpo recalled that the passage of the storm has left “destruction of premises, destruction of machinery, of course of goods and stocks”, and this will require support so that companies can become operational again as soon as possible.

“The sooner we respond, the smaller the short and medium-term impact will be as well,” he said, before reiterating that the Government will support in that second and third phase of reconstruction and relaunching of the economy. (November 15)

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