Bank of Spain: Economy could shrink up to 12.4% in 2020

In its latest economic growth projections for 2020, the Bank of Spain said that the Spanish economy is likely to contract between 6.8% and 12.4% this year depending on the various lockdown scenarios, in the face of the coronavirus pandemic.

Additional headlines

The disruption suffered by the Spanish economy was, as in the case of other countries, of “considerable severity”, although there was still great uncertainty.

An upturn is expected to begin in the second half of the year, leading to a “remarkable recovery” in 2021, with a projected growth of between 5.5% and 8.5%.