The Independent Authority for Fiscal Responsibility (AIReF) published today on its website the Report on the Stability Programme Update 2021-2024, in which it analyzes the Government’s macroeconomic scenario and the fiscal strategy for the period 2021-2024. AIReF estimates a reduction in the general government deficit over the period until it reaches 3.5% of GDP in 2024, 3 tenths of a percentage point higher than that included in the APE, and highlights that at the end of the period, indebtedness will be around 112.4% of GDP, which is an important factor of vulnerability for the Spanish economy.
In its Report, it concludes that the Stability Programme does not meet the objective of constituting an instrument for guiding fiscal policy in the medium term, and therefore recommends that the following be completed the fiscal strategy to achieve a sufficient deficit level to redirect the debt towards more sustainable paths that reduce the vulnerability of the Spanish economy. This implies extending the time horizon of the and integrating the macroeconomic and fiscal implications of the implementation of the investments and reforms foreseen in the PRTR. implementation of the investments and reforms foreseen in the PRTR.