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http://www.bloomberg.com/news/2013-10-19/spain-on-right-track-after-tackling-labor-laws-gurria-says.html
Spain’s economy is starting to see results after the government slashed deficits and overhauled labor laws, said Angel Gurria, the head of the Organization for Economic Cooperation and Development.
The country’s 26 percent unemployment rate has “stopped growing” as labor costs converge with productivity similar to Germany, Gurria said. He complimented Spain’s coalition government for passing reforms while facing pressure from protests.
“Spain is on the right track,” Gurria, Secretary General of the Paris-based OECD, said in an interview on the sidelines of the Ibero-American summit in Panama. “It’s been tough, but it’s a time of reckoning.”
Prime Minister Mariano Rajoy said in a Sept. 26 interview that the Spanish economy is emerging from its two-year recession and the government doesn’t plan additional austerity measures as it’s confident it can meet this year’s deficit goal of 6.5 percent of gross domestic product.
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Spain’s economy is starting to see results after the government slashed deficits and overhauled labor laws, said Angel Gurria, the head of the Organization for Economic Cooperation and Development.
The country’s 26 percent unemployment rate has “stopped growing” as labor costs converge with productivity similar to Germany, Gurria said. He complimented Spain’s coalition government for passing reforms while facing pressure from protests.
“Spain is on the right track,” Gurria, Secretary General of the Paris-based OECD, said in an interview on the sidelines of the Ibero-American summit in Panama. “It’s been tough, but it’s a time of reckoning.”
Prime Minister Mariano Rajoy said in a Sept. 26 interview that the Spanish economy is emerging from its two-year recession and the government doesn’t plan additional austerity measures as it’s confident it can meet this year’s deficit goal of 6.5 percent of gross domestic product.
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