IMF calls on government to reduce wage and firing costs even further

The International Monetary Fund (IMF) called on the 19 June 2013 to introduce tougher labor reforms to combat the nation’s unprecedented high unemployment rate, which stands at around 27%, while at the same time lowering workers’ salaries.

The latest report on the Spanish economy was drafted following a number of visits to the country by the IMF’s staff in the spring of 2013 to examine the results of the reforms introduced by the Popular Party (PP) government.

IMF officials also called on Spain and the EU to take 'urgent action to generate growth and jobs'.

• Primary Source

ESO: Background Information: This year will be even worse for the Spanish economy, IMF says http://www.europeansources.info/record/this-year-will-be-even-worse-for-the-spanish-economy-imf-says/

http://www.imf.org/external/country/ESP/index.htm http://www.imf.org/external/country/ESP/index.htm

IMF: Press Release, 18.06.13: 2013 Article IV Consultation with Spain- Concluding Statement of the Mission http://www.imf.org/external/np/ms/2013/061813.htm

BBC News, 19.06.13: IMF: Spain making strong progress but jobs boost needed http://www.bbc.co.uk/news/business-22973193

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