Yesterday the International Monetary Fund (IMF) summarized the EU's forecast that Spain's GDP will increase 0.8% this year and not 1.3% as the Spanish government claims. Further, the IMF lowered its 2012 projection to 1.1%, whereas officials in Spain predicted 2.3%.
The disagreement highlights Salgado's obstinacy. Even with elections just around the corner, she is redefining obsolete GDP estimations. What more does she want? Further, it makes sense that the IMF is focusing on Spanish efforts to redouble its deficit goal, though they are weighed down by the CCAA.
With good reason, contracted growth is associated with increased unbalance, as evidenced by the least favorable situation that Spain's economic advisers demonstrate in their documents such that they do not admit to the nature of our macro environment. They are ignoring reality and far from seeing what the EU does.
