Spain betters position to become 12th largest global economy
According to the latest forecast from the IMF (International Monetary Fund), analysts have reduced the amount that Spain’s economy is set to grow this year by a few points.
Nevertheless, in spite of this, Spain will still become the country with the greatest economic growth in 2016 out of all the world’s most advanced economies.
What is more, this even means that our country will improve its position in the ranking of most powerful economies, something which is hasn’t done since the start of the economic crisis.
In concrete, last year, Spain was ranked as the 14th largest economy in the world based on GDP in dollars and without the effect of inflation. It had seen its ranking drop significantly since the boom years, and particularly 2007 when it stood in 8th position.
Now, with a GDP of 1,24 billion dollars, Spain jumps two positions in the classification, overtaking Australia and just behind Korea to settle as the 12th largest global economy.
This is the first time Spain’s ranking has gone up, and it is expected that the country will stay in this position until at least 2018.
Countries situated below Spain in the classification include Russia, Mexico, Holland and Indonesia, while Canada, Brazil, Italy, India and France are all positioned higher.
At the top of the list there are no changes. The United States continues to be the world’s largest economic power, and is followed by China, Japan, Germany and the United Kingdom.
The forecast for 2017 is practically the same for all countries, meaning that Spain will remain in 12th position, although it is expected that our GDP will grow by 1.1 billion euro.