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The International Monetary Fund (IMF) job duties to Spain, and these pass by the momentum of the “wage flexibility” continuous and rushed more market reforms work l in the medium term, according to its annual report on the vulnerabilities of the external sector, published this Tuesday.
In this document, the agency presiding in the Bulgarian Kristalina Georgieva, has pointed out that “the structural reforms in response to the global financial crisis, in particular the reform of the labour market, with wage moderation resulting, and the fiscal adjustment , helped to reduce the imbalances”.
in Addition, the Fund has ensured that, in the event that the vulnerabilities foreign pre-pandemic Covid-19 persist in the medium term, the country will have to undertake a series of reforms .
In the opinion of the IMF, “the policy should increase the competitiveness and to carefully manage the burden of public debt. Boosting competitiveness through productivity improvements in the medium term would imply a wage flexibility continuous, reforms to address the duality of the labour market, the implementation of reforms of the markets, products, and services and actions to improve the educational outcomes and education.”
Also, the IMF has warned that the pandemic has left And spain vulnerable to the “volatility” financial markets despite the fact that the policies of the European Central Bank (ECB) are aimed to improve liquidity and enhance the stability.
it is Not the only time that the Fund has highlighted the positive effects of the reforms adopted in Spain after the crisis of 2008. In February, a study by the agency concluded that the labor reform approved by the people’s Party in 2012 improved employment and equality of income without impact “significantly” the rate of risk-of-poverty .
however, the study published several months ago also indicated that the changes in the labour market led to a decline in hours, average hours worked, as well as an increase in part-time employment involuntary (those workers who have part-time contracts but want to be full time). This, together with the change of the model of the building towards the services, caused an increase in the rate of working poor.
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