Tue. Oct 22nd, 2019

Calviño announces that the Government will raise the forecast of GDP growth for this year | Economy

The Acting Economy Minister, Nadia Calviño, speaking to the media at the Ministry's headquarters this Wednesday. On video, his statements on Onda Cero.

Acting Minister of Economy, Nadia Calviño, announced on Thursday that it will probably revise upwards the growth forecast for this year, located at 2.2%. The Bank of Spain already raised it to 2.4%. The Commission improved it on Wednesday by two tenths, to 2.3%. And the IMF is expected to raise it to that environment. After confirming the INE that the activity grew by 0.7% in the first quarter, the Bank of Spain predicted 0.6% for the second. And so it is difficult for the economy to advance less than 2.3% with half the year already done and the pull that good weather will bring.

In an interview granted in Onda Cero, the minister did not specify how much the forecast will improve. While everything seems to point to that it will only be a tenth, in line with what the average of analysts that the panel of Funcas could give. Despite the external slowdown, the economy is holding up thanks to domestic demand and job creation. While the industry suffers, the services go well. At this point of the year, only one debacle could derail the activity, according to the analysis houses. In this context, Calviño stressed that we must now take advantage of growth to reduce the deficit and public debt "as quickly as possible."

And for that it would be "desirable" to have new Budgets in 2020. "I would have liked to have Budgets already in 2019, although it was not possible," he stressed. As explained by the head of Economy, these budgets should respond to the need to lower the deficit with a more progressive tax model and provide better items such as science, research or education. In fact, criticized that the previous Government of the PP lowered the taxes in 15,000 million, preventing a greater cut of the deficit.

Regarding the modification of the 2012 labor reform, the minister reiterated what has been said on other occasions: we must "look to the future" and not dedicate "all the political energy to weave and unweave". "Reverting the labor reform will not improve the working conditions of the children who are working for Deliveroo or Glovo, it will not solve the challenges posed by the digitalization and robotization of employment," he said. And he said that what is needed is a new Workers' Statute that adapts the regulations to the labor market of the 21st century.

200 of rate to the banks by claim

The newspaper Five days reported that the Government values ​​to charge 200 euros to the banks for each claim that they receive. This payment would serve to finance the new authority that will protect the financial client. When asked about this, Calviño said that "the objective is that the citizen does not have to pay to make a claim" and that this disbursement would generate "a very powerful incentive for the banks to resolve them as soon as possible". The minister regretted that the claims systems of the CNMV and the Bank of Spain are not binding, and that having to go to court makes the process very long and expensive. "I feel sorry that we have not been able to approve the new authority before. It is one of the first things that I would like to launch this term, "he said.

As to whether the cost of mortgages has risen, Calviño said that these contracts are different from the new law, which provides greater protection to the client. And he pointed out that the proportion of fixed-rate mortgages, which are more expensive, has contributed to this.

The minister cools another strong rise of the SMI

We can put pressure on the government to raise the minimum wage again in 2020. After a rise of 22% that left it at 900 euros per month in 14 payments, it asks that it rise to 1,000 euros. And the unions also request a rebound, although they have not specified it. Coming from the high civil service of Brussels, Calviño has exercised the role of guardian of orthodoxy. And yesterday he fulfilled his role. On the one hand, he recalled that he had called for calm in front of those who had declared that the rise of the SMI would be "a catastrophe". "I am very happy that, for now, in 2019 the march of the labor market is so positive," he said. But, on the other hand, it cooled the prospect of another equal rise in 2020: in reference to the good performance of employment, he said that "it does not have to lead to the conclusion that any rise in the SMI would have no consequences, we must be cautious and see the evolution ".

At the moment, employment is slowing down faster than the economy. And this may also be due to other reasons such as global uncertainty. In case, the minister explained that the promise of the PSOE is to place it at 60% of the average salary in the legislature. The current 900 euros are 56% of the average salary of the first quarter.

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