PM presents Covid- 19 recovery plan for Spain
Pedro Sánchez promises 800,000 new jobs will be created over the next three years
PM PEDRO Sánchez yesterday ( Wednesday) presented the government's economic plan for Spain to recover from the effects of Covid- 19 and the restrictions imposed to tackle it.
The ambitous scheme, entitled the Plan de Recuperación, Transformación y Resiliencia de la Economía Española ( Spanish economic resiliance, transformation and recovery plan), was presented a day after the Cabinet approved an increase in the maximum spending cap of almost 50% - with the figure soaring up to € 196 billion.
The government forsees the impact of Covid will result in a huge 11.2% drop in GDP this year - with a rebound of around 7% in 2021.
With such a dismal forcast, the recovery plan was eagerly awaited yesterday.
The government has promised to invest € 72 billion of the European funds it has been earmarked in the next three years to boost the economy and create over 800,000 new jobs.
The first batch of EU aid will be spent in 2021 - € 21 billion.
The PM said 37% of the investment will be earmarked for environmentally- friend projects and a further 33% for digital schemes - hence covering 70% of the potential investment over the next three years.
Around 17% of the funds will go towards the modernisation of industry and tourism and education.
The PM concluded his presentation with the government's new slogan: "If Spain wants to, it can."
Experts say the plan is ambitious but the forecasts are ' too optimistic'.