Spanish economy will recover in 2014: PM

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SME TImes News Bureau | 09 May, 2013
Spanish Prime Minister Mariano Rajoy called Wednesday for staying the course on the reforms implemented by his government and said that adjusting the deficit target had avoided "the strangulation" of society.

The forecasts included in the economic reform plan submitted to the European Union are "realistic", Rajoy told parliament.

Some economic indicators are performing "spectacularly" and are well above forecasts, the prime minister said.

"Spain is back on its feet and is reliable," Rajoy told lawmakers.

"A year ago, we were at constant risk of an intervention and we were on the verge of bankruptcy," Rajoy said, adding that "this is starting to work and the harvest will come" when the Spanish economy starts growing in 2014.

The progress made is due to the sacrifices of Spaniards, whose determination and perseverance have taken the country to the point where "something is changing and it is not by chance", Rajoy said.

The prime minister, however, said the job would not be completed until Spain's high unemployment rate was reduced.

The number of jobless people in Spain topped 6 million for the first time in the first quarter of this year, sending the unemployment rate to 27.16 percent, government figures show.