Lower Spanish Growth Expected This Year, Bank Governor Says, With Hopes Pinned On Vaccine Rollout

MADRID – (Reuters) – Spain’s economic recovery from the COVID-19 pandemic will probably be slower than expected this year, the central bank chief said in an interview published on Sunday, with eventual faster growth dependent on a rapid vaccine rollout.

The Bank of Spain had said the economy would grow 6.8% in 2021 and it would reach its pre-pandemic levels by next year.

However, Pablo Hernandez de Cos, the governor of the Bank of Spain, told El Mundo newspaper that this year’s GDP would probably be lower.

“I believe that we will make a slight downward revision of our forecasts for this year for the Spanish economy due to the deterioration observed in the first part of the year,” he said. Read more…..