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Sánchez assures in Korea that Spain will grow by 4.4 percent and that it could overcome a recession that Europe is already suffering

The president of the Government, Pedro Sanchezhas ensured that Spain will grow by 4.4 percent and that by 2023 it will do so above the most advanced economies. In addition, it has predicted that it could even overcome an economic recession that is already hitting some European countries.

This was underlined by the president during his closing speech at the Spain-Korea Business Forum that was held this Thursday at the Four Seasons Hotel in Seoul, in which he also highlighted the advantageous position of Spain alluding to the energy dependency that many European countries have with respect to Russia.

“Spain is going to grow by 4.4 percent and the Eurozone will do so slightly above 3 percent“, Sánchez asserted. Likewise, he highlighted three strengths that, in his opinion, highlight Spain’s capacity for resilience: the evolution of employment and the increase in permanent contracts; industrial production data “well above” the main European economies and the growth of the export of goods that, as he has cited, this year have grown above 20 percent.


The Minister of Inclusion, José Luis Escrivá, during the presentation of the affiliation advance for November

On another point, the president stressed that both Spain and South Korea they share “two fundamental values” that are the “desire for progress” that their citizens have and the “belief” in the sustainability of the environment and digitization as “sources of opportunity”.

Having said this, Sánchez has advocated for “continue developing business links”also in investment, and has opted for a “modernization” of the Free Trade Agreement between the European Union and South Korea that the Government of Spain will take into account during its Presidency of the EU in 2023.

In this context, the head of the Executive wanted to highlight that relations between Spain and Korea have a “Upward trend” thanks to aspects such as “diversification towards technological and innovative sectors”.


An employee at a shoe store places products in her store.

Thus, he has pointed out that, despite the fact that bilateral trade fell in the hardest years of the pandemic, compared to the “historical highs” of 2019, the most recent data “point to a trade recovery” higher than “pre-coronavirus levels” “before the end of the year”.

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