LISBON, Portugal – The Spanish minister unveiled on Wednesday a primary plan to get his country out of recession by spending 140 billion euros ($162 billion) in european Union aid to reshape the economy, with the aim of creating 800,000 jobs over the next 3 years.
The program is a reaction to the sharp slowdown caused by the coronavirus pandemic and its global disruption of economies. The main objective of the plan is to get Spain to move to green energy and a virtual economy, which will account for around 70% of the foundership. .
“We want to turn this coup into an opportunity,” Prime Minister Pedro Sanchez said, referring to the super effects of the pandemic on society and the economy. “This is the challenge of our generation. “
Spain this week, the first EU country to overcome 825,000 coronavirus infections, it is shown that more than 32480 more people in Spain have died as a result of COVID-19 and that their capital, Madrid, is experiencing the worst wave of infections in Europe.
Spain is the most recent EU country to say how it intends to use the bloc’s coronavirus recovery fund, approved last July and designed for the 27 EU countries to gain ground in their efforts to get out of recession.
Last month, France unveiled a hundred billion euro ($116 billion) plan to pull the country out of its worst economic crisis since World War II, called ‘Restarting France’, the plan includes 40 billion euros ($46 billion) of EU stimulus. Package.
The Spanish government expects the national economy to contract 11. 2% this year; in some sectors, such as tourism, the drop can be as high as 25%; officials expect an unemployment rate of around 17% this year and next.
The socialist government’s strategy aims to counter economic decline and expansion of 7. 2% next year.
It is built on 10 main boards. They come with the strengthening of the public fitness service, public infrastructure, the transition to green energy and energy efficiency, the creation of vocational education programs and the acceleration of the virtual modernization of Spanish industry.
“The global has replaced and we will have to replace it also to maintain our future,” Sanchez said.
Another major spending plan, national tax revenues and government loans in foreign cash markets is expected to be announced next week when the 2021 state budget proposal is published. this week.
The plan announced on Wednesday will be sent to Brussels for approval through the European Commission and the national budget must win that of the Spanish Parliament.
Spain earned 140 billion euros ($162 billion) from the EU fund, divided more or less between subsidies and repayable loans.
Economic damage will take time to resolve, especially in terms of public debt: the Spanish government has already spent billions on businesses and jobs and forecasts a budget deficit of 11. 3% of GDP this year and 7. 7% in 2021.
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