MADRID: Spain is set to outpace the world’s leading advanced economies in 2016, according to the International Monetary Fund (IMF).
The agency upgraded its outlook for Spanish GDP, predicting growth of 2.7% in 2016 and 2.3% in 2017.
This is despite continued uncertainty surrounding Spain’s political future, with parties so far fragmented and unable to form a government.
The vote of confidence in Spain’s economy comes as the IMF downgraded its forecast for the world’s economy to 3.4% and 3.6% in 2016 and 2017, a drop of 0.2% from its last predictions in October.
Stock markets have been in turmoil as oil prices slump to record lows and fears mount over a slowdown in China’s economy.