IMF says Spain recession to persist in 2013

16th July 2012, Comments 0 comments

The International Monetary Fund cut its growth forecast for Spain's hobbled economy Monday, predicting that the country's recession will persist through 2013.

The Spanish economy was expected to contract by 1.5 percent this year and another 0.6 percent next year, instead of a slight expansion in 2013 predicted three months ago, the IMF said.

The global crisis lender said Spain continued to wrestle with market confidence despite an EU recapitalization program for the banks, and that private-capital outflows have not been halted.

© 2012 AFP

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