IMF Cuts Spain Growth Forecast; Sees Unemployment Holding at 20%
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The International Monetary Fund cut its forecast for Spanish growth next year and said unemployment will remain close to 20 percent as the spread of the sovereign-debt crisis undermines the recovery.
Spain’s economy will grow 1.1 percent in 2012 instead of the 1.6 percent forecast in July, the Washington-based lender said in a report today. Unemployment will average 20.7 percent this year and 19.7 percent in 2012, it said.