Source: Foundation for Economic Education
by Mark Nayler
“Late last year, The Economist magazine declared Spain’s economy the best in the world. Key indicators forecast a strong 2024: expected GDP expansion of 3%, which would comfortably beat the EU, US, and UK (though the data for the last quarter of 2024 have yet to be published); unemployment, always a problem in Spain, down to its lowest since 2007; and a 3% reduction in public debt. Spanish finance minister Maria Jesus Montero attributed the ranking to the success of the Socialist government’s policies of Pedro Sanchez, claiming: ‘[W]e are growing, creating jobs, expanding rights and reducing our public deficit.’ According to Montero, Spain’s GDP performance in 2024 was directly due to actions taken by the country’s government. But Montero’s claim oversimplifies the connection between government policies and economic growth.” (01/24/25)
https://fee.org/articles/the-complex-reality-behind-spains-economic-growth/