COVID-19: impact on Spanish GDP forecast by 2020-2023 scenario

According to the Bank of Spain's forecasts on the impact of the coronavirus (SARS-Cov-2) on the national gross domestic product (GDP), the Spanish economy will experience an outstanding recovery in the mid-term. In the best-case scenario, GDP could grow 8.6 and 4.8 percent in 2021 and 2022, respectively. Hence, the central bank's forecast closely match the one presented by the Government itself in May 2020, when the latter estimated that GDP would grow up to a 6.8 percent in 2021. Despite such remarkable recovery, the impact of the pandemic on the Spanish GDP in 2020 (which fell between 10.7 and 11.6 percent points depending on the scenario) will hinder the country's economy in the years to come.