October 28, 2020

Pedro Sánchez concentrates 72,000 million of the recovery plan in the next three years and plans to create 800,000 jobs


The recovery plan that the Government has drawn up will concentrate 72,000 million euros in the first three years to relaunch the economy. Of the 140,000 million that Spain will receive from the EU to execute in the 2021-2026 period, the president has announced that half will be carried out in the first period. In fact, 27,000 million euros have already been included in the preparation of the General State Budgets for next year. The Executive’s calculation is that this plan will create more than 800,000 jobs in three years. In addition, Sánchez has revealed in what the European funds will be invested. The bulk will be allocated to green investment (37%) -this percentage is the minimum required by the EU- and the digital transition (33%).

The millionaire margin for public spending paves the negotiation of government budgets

The millionaire margin for public spending paves the negotiation of government budgets

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“The mission of the plan is the creation of hundreds of thousands of jobs, including companies,” explained Sánchez in the presentation of the plan in which he has also opted for the “scalability” of small companies to become medium-sized. In total, it expects 800,000 jobs to be created. He also considers that the millionaire injection from Brussels will allow “to generate an additional impact of more than 2.5 points” on GDP.

“Spain is going to advance, but it will do so with more force and without leaving anyone behind if we mobilize all the national energies,” said Sánchez, who has begun his intervention by highlighting the management that his Government has made during the pandemic and has committed to “turning this hard blow into an opportunity.” He has also vindicated the country’s development capacity in the democratic period. “We show what we are: a country that can when it wants to. This great stage of modernization, with great challenges, was a success story.”

Sánchez has presented the master lines to which the Government intends to dedicate European funds in its first annuities in what he has called the Recovery, Transformation and Resilience Plan of the Spanish Economy that will be piloted from Moncloa and which intends to have public-private collaboration. The event, held electronically due to the restrictions imposed by the epidemiological situation in the Community of Madrid, was attended online by some two hundred people representing civil society – employers and unions, businessmen, representatives of rating agencies, consultants and media managers from communication, as well as accredited ambassadors in Spain from European countries. The event began with the performance of the Ode to Joy -which is the European anthem- by the pianist James Rhodes.

The presentation of the recovery plan came a day after the Council of Ministers gave the green light to the historic spending ceiling for next year. The Government admits that it is incomparable with previous figures – the increase is 53% – largely due to the inclusion of the first 20,000 million of European funds, which will revolve around four priority axes – ecological transition, digital transition, equality of gender and social and territorial cohesion- and will be articulated through ten lever policies: urban and rural agenda; resilient infrastructure and ecosystems; just and inclusive energy transition; modernization of public administration, digitization of the industry-services ecosystem and SMEs, promotion of entrepreneurship; pact for science and innovation; reinforcement of the National Health System; education; reinforcement of the Welfare State with a plan for the care economy and social and territorial cohesion; development of the culture and sports industry; and the modernization of the tax system. The four vice-presidents -Carmen Calvo, Pablo Iglesias, Nadia Calviño and Teresa Ribera- will present their corresponding lines of action this afternoon.

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