Spain’s Prime Minister Sánchez announces the Recovery Plan that will create 800,000 jobs

Pedro Sánchez presents the 'Recovery, Transformation and Resilience Plan of the Spanish Economy. Credit: Twitter

THIS morning, Wednesday, October 7, the pianist James Rhodes, from his home, interpreted the ‘Hymn of Joy’ as a welcome to Spain’s Prime Minister, Pedro Sánchez, along with the ministers and ambassadors from all the countries in attendance at the presentation of the recovery plan for the Spanish economy.

The presence of the British-Spanish musician, Rhodes, as the opening of the act of Pedro Sánchez’s speech has provoked a barrage of criticism among journalists and experts, who have classified it as just showing off, in line with the first words of the persistent of the Government “We show what we are, a country that can when it wants to.”

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The pianist, faced with these criticisms, has added on Twitter that he was “super happy (and nervous) to play Beethoven before the President’s speech on the recovery plan today. Proud to be part of Europe. But even prouder to call Spain my home. It’s funny, if a little sad, to see how many people are furious that someone is playing Beethoven to help celebrate receiving a ******* ton of money to help our country recover.”

Pedro Sánchez presented this Wednesday in La Moncloa that the ‘Recovery, Transformation and Resilience Plan of the Spanish Economy’ will mobilize €72,000 million of European funds in the next three years, a period in which it will provide growth of 2.5 percentage points of GDP per year and will create altogether more than 800,000 jobs.

This was announced by Sánchez during the videoconference to present the plan, to which all the members of the Executive, the employers and the unions, as well as the ambassadors of the 27 member countries of the EU and numerous representatives, were connected.

Sánchez stressed that the plan seeks the “modernisation” of Spain and “inclusive” growth, for which he has detailed that of the €140,000 million, 11 per cent of GDP, that Spain will receive between 2021 and 2026, with the Plan Recovery, 72,000 million will be made available in the first three years, coming from the Recovery and Resilience Mechanism (59,000 million) and the ‘React-Eu’ fund (12,400 million).

To this are added the more than 79,000 million foreseen from the structural funds and the Common Agricultural Policy (CAP) for 2021-2027. Specifically, green investment linked to the ecological transition will represent more than 37 per cent of the total plan and digital nearly 33 per cent, said Sánchez, who has indicated that the objective is to create thousands of jobs, thousands of companies and increase the size of SMEs.

In this way, he pointed out that the multiplier effect of the “modernisation” of the plan will generate more than 2.5 additional percentage points of GDP growth in the next three years and will create more than 800,000 jobs in the period.

Sánchez has indicated that the recovery requires the mobilisation of “all national energies”, and has asked that the Recovery Plan be launched “as soon as possible” and accelerate the calendar, something that he only sees possible by presenting the Budgets, to the that will advance 27,000 million of the recovery plan.

This will accelerate the execution of the plan and beyond the deadline set by the EU for payments, he assured. The plan sets the objectives and programs in which the European funds of €140,000 million granted to Spain are reflected and for whose development a royal decree-law will be approved that will speed up it’s processing by eliminating administrative obstacles.

Based on four transversal axes (ecological transition, social and territorial cohesion, digitization and gender equality), the plan will promote 25,000 million euros of European funds in 2021, it contemplates the creation of more than 65,000 places of infant education, 1,460 units of support for the attention of vulnerable students or training in digital skills for 80 per cent of the population. It will also accelerate the quantitative targets of the National Energy and Climate Plan by 40 per cent, bringing the 2025 targets forward to 2023.


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