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Adjustment Dynamics in Spain: Will Belt-Tightening Cinch Off Growth?

EXECUTIVE SUMMARY

In an earlier Analysis, RGE pointed to Spain as the most structurally challenged eurozone economy on a set of measures such as unemployment, total factor productivity, corporate sector leverage, exposure to a construction overhang and structural slumps in tax revenues. In comparison to other periphery countries, Spain’s adjustment needs stem less from a history of fiscal profligacy than from high private sector indebtedness, a steady loss of competitiveness over the past decade and 10 years of missed structural reforms in both the product market and—especially—in[...]

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