The International Monetary Fund (IMF) puts forecast for Spanish GDP at 2007 levels while lowering those for Germany, France and Italy. There aren’t any changes for 2016 in Spain but there are additional cuts for the rest of the large European countries.

The situation in Spain is looking very different from that in the rest of the European powers included in the report, the forecasts for which have been cut: Germany falls two-tenths of a percent to 1.3%; France, one tenth to 0.9%; and the forecast for Italy has been cut half a percentage point to 0.4%. With this being the state of things, as concluded the report published in October, Spain will also lead growth in the Eurozone for the coming year.

In this context, the IMP has lowered the global forecast for the coming two years: for 2015 it is 3.5% and for 2016, 3.7%. This situation is, above all, the result of the deterioration in emerging powerhouses: slower growth in China, deflated outlook for Russia and the potential for growth in export of raw materials reviewed downward. With this situation, GDP forecasts for emerging countries is down six-tenths of a percent for 2015, to 4.3%, and half a point for the coming year, to 4.7%. Meanwhile, advanced economies saw forecasts revised up for 2015, from 2.3% to 2.4%, although the 2016 forecast has not been changed, holding steady at 2.4%.