España y la OCDE

  Spain is emerging from a protracted recession, marked by a return to moderate growth and rising international competitiveness. Decisive banking and fiscal reforms, coupled with supportive monetary policy from the European Central Bank, have reduced financial tensions and improved public finance. But to ensure that the recovery is sustained and unemployment returns to much lower levels, full implementation of on-going structural reforms and further measures to improve productivity and competitiveness are now needed.

Los economistas nunca satisfechos. Siempre pidiendo más reformas y medidas, pese a valorar como positivas las ya tomadas.

“The courageous reforms enacted over the past two years are paying off,” Mr Gurría said. “The economy is growing again, employment is rising, the banking sector has stabilised and financial markets’ trust in Spain has increased. It is now crucial to build on these accomplishments, with new efforts to enhance growth, boost productivity, further improve competitiveness and get people back to work. We also need to ensure that the recovery is inclusive and the benefits are shared: many people are still facing hardship, and none should be left behind as the situation improves.”

Mejorar productividad y competitividad…¿cómo se hace esto sin ajuste de empleos y salarios? La clave es doble: seguir eliminando rigideces en la producción y mejorar las condiciones (financieras, legales y mayor confianza) para la inversión. Pero no la inversión financiera, como la productiva. Aunque en este punto nos enfrentamos a un doble reto desde el elevado output-gap y la elevada deuda acumulada en el pasado.

Improving vocational training and boosting educational outcomes will be essential to prepare Spanish workers for the jobs of the future. In this regard, the OECD is working with the Government on a skills strategy to improve the pertinence of skills and the use of talent. The creation of high-quality, well-paid and sustainable employment also requires boosting growth, which calls for a shift to a new economic model based on creating and exploiting knowledge, the OECD said

Al final, conjuntamente con la lucha frente al desempleo a corto plazo crear las condiciones para mejorar el desempleo a medio y largo plazo. En definitiva, reformas y medidas para aumentar el crecimiento potencial. Esta es la clave.

José Luis Martínez Campuzano
Estratega de Citi en España

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