MADRID, July 27 (Xinhua) -- The International Monetary Fund (IMF) on Tuesday lowered its growth projection for Spain's economy for 2021 but increased it for 2022.
In its World Economic Outlook Update for July, the IMF said it expected Spain's gross domestic product (GDP) to increase 6.2 percent in 2021, 0.2 points below the 6.4 percent growth projected by the organization in April.
The IMF has also revised its projection for 2022 upwards from 4.7 percent growth published in April to 5.8 percent.
This means that Spain would enjoy the fourth highest GDP growth among the world's large advanced economies in 2021 after the United States and the United Kingdom with seven percent each and Canada with 6.3 percent.
The IMF took into account the effects of the successful COVID-19 vaccination campaign in Spain, along with the country's plans for the use of the money it will receive from the European Union's recovery fund over the coming months.
These projections are slightly more pessimistic than those of the Spanish government, which were also made public on Tuesday.
Spain's First Deputy Prime Minister and Minister for the Economy Nadia Calvino said Tuesday that the government expected a growth of 6.5 percent for 2021 and seven percent for 2022. Enditem
