Spain’s economy to grow 2.6%
has agreed to work with a Chinese zone to promote investment and fintech in both countries, Abu Dhabi’s financial free zone said on its website on Monday. Abu Dhabi Global Market, the financial free zone in the capital of the UAE, announced in a statement that its regulatory body has signed an agreement with the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. “The agreement aims to facilitate greater investment cooperation and opportunities, as well as to strengthen the financial and fintech ecosystems in both markets,” added the statement. The move, according to ADGM, was to support China’s Belt and Road Initiative, a grand project with the goals of building trade and infrastructure networks connecting Asia with Europe and Africa on and beyond the ancient Silk Road routes. 5.4 percent, considered favorable in the EU where the average rate is currently 7.8 percent. The fall in jobless figures has been observable as a trend for several months, and this time marks the largest drop seen so far in 2017. A notable 15.7 percent decrease in unemployment was recorded among young people, while men saw a larger 6.5 percent drop in their jobless numbers than women on 3.2 percent. Foreign nationals for whom a long-standing trend toward rising unemployment had been seen, also saw a decline of 3.7 percent. Spain’s economy is expected to grow by 2.6 percent in 2018, according to a forecast by the Spanish government on Monday. The government has revised up its economic predictions for both 2017 and 2018. The Spanish economy would grow by 3 percent this year, as opposed to the previously predicted 2.7 percent, and by 2.6 percent in 2018, as opposed to the previously predicted 2.5 percent. The government also predicted a 17.4 percent unemployment rate for 2017, which is 0.1 percentage point lower than the rate previously predicted, and a 15.4 percent unemployment rate for 2018, which is 0.2 percentage point lower than the previous forecast. The government estimated that this year a total of 518,000 jobs will be created which will help cut unemployment by 488,000 to 3.75 million people. In 2018, it is expected that there will be 503,000 jobs more, while the number of unemployed people would fall by 393,000 to 3.36 million.