Dismal forecast

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THE Bank of Spain has now downgraded its economic forecast due to the rise in Covid-19 infections and doesn’t expect Spain’s economy to return to pre-pandemic levels until 2023 at the earliest assuming there is an effective vaccine introduced by the middle of next year.

The bank previously forecast that Spain’s gross domestic product (GDP) would be reduced between 9.2 per cent and 11.6 per cent this year, but it is now more pessimistic, expecting the fall to be in the region of 10.5 per cent to 12.6 per cent.

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