Zapatero "Optimistic" About Spain's Recovery

 

The Spanish prime minister on Thursday once again voiced his optimism about his country's economic recovery and asked industrial executives to go full steam ahead. During a meeting with executives of Business leaders in Spain, Prime Minister Zapatero stated that the Spanish economy would gain momentum "with imminent character."

The keys to securing that recovery's momentum were to stimulate employment, stabilize budgetary spending, boost consumer confidence and encourage the development of the private sector.

"The train of recovery is pulling near us," said the prime minister, using a fitting analogy. "If we do what we can and enforce the reforms of the labor and pension systems with strengthened efforts, this train will collect speed."

According to the prime minister, the tracks to be laid for the train of recovery to run along smoothly is for Spain's industries to produce "more and better." Unemployment reached a 15-year high of 11 percent in Spain, the highest in the eurozone, while consumer confidence is at a record low, despite the fact that Spain's per-capita GDP had surpassed that of Italy after 15 years of economic expansion.

Spanish Economists feared that the Country could enter recession by the end of the year as the latest statistics showed falling house prices, cuts in car production and a soaring budget deficit.