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Javier Díaz-Giménez & Morten Olsen: The Future of Spain (2014 and beyond)

Between the first quarter of 1998 and the fourth quarter of 2007 the real growth of the Spanish economy was outstanding, averaging an annual growth rate of 3.7 per cent. This compares favorably with the big five European Union economies and is second only to the truly miraculous growth of Ireland’s real GDP. However, the future growth of Spain will depend on many factors. When we look into the crystal ball of the economic future of Spain, two elasticities emerge that will surely make a large difference for its future growth: the consumption elasticity of imports and the output elasticity of employment.


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