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IMF Lowers Spain's GDP Forecasts, Warns Of Downside Risks
Spain's economy will contract by 1.7% this year, the International Monetary Fund predicted Friday, warning of "significant downside risks". In its annual Article IV review, the IMF revised down its GDP forecast from last month for a 1.5% annual GDP decline. The Bank of Spain recently estimated the GDP contraction in 2Q at 0.4% after -0.3% in 1Q. The IMF also cut its GDP forecast for next year to -1.2% from -0.6% to take account of Madrid's latest fiscal package, which would have "a significant impact on growth, especially in 2013." Still, implementing reforms remains key for Spain to regain market confidence, it said. ... (full story)
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