Prime Minister Sanchez Assumes that Spain will Enter a Recession Because of the Coronavirus Crisis

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The Prime Minister recognises that this year Spain will lose around two or three months of economic activity, but he is confident that this will cause a ricochet effect when the pandemic is over.

Spain will not be free from the recession in 2020, as a consequence of the coronavirus pandemic and the hard-hitting measures of confinement that have been adopted to flatten the rapid rate of contagion.

This is what Prime Minister Pedro Sanchez has deduced and recognised in front of his House of Commons. Sanchez has highlighted that 2020 “will not have 12 months, but rather 10 or 9 months”.

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Realistically this economic paralysis means that every day spent in a state of alarm is a day lost in economic production.

The Government is already working against the horizontal decrease of the GDP which will last for approximately two to three months, meaning that the coronavirus crisis will probably extended itself to the start of the summer.

This supposes that Spain will also lose its critically acclaimed holiday of Semana Santa, which is one of the most important times of the year for the tourism industry.


Sanchez has repeated that when the pandemic passes, they will present various “general budgets for social reconstruction” which aim to promote a rapid economic recovery.

He hopes this will be achieved with the support of all political parties, because now is not the time to conduct oppositions but to unite and ensure that “no one is left behind” because of the current crisis we are facing.


 




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