Spain | The economic and social recovery of the community of Madrid after COVID-19

Summary

Economic forecasts for 2020 indicate that the COVID-19 crisis will be the deepest and most intense crisis since the end of World War II — for Europe, Spain and the Community of Madrid and for the global economy.

Key points

• Key points:
• The fall in GDP in Spain and the Community of Madrid will be more severe and its recovery will be slower than for other EU economies and regions.
• The varying intensity with which the lockdown measures that have paralyzed much of the economy have had to be applied can be explained by differences in the preparation for and management of the health crisis.
• All reforms aimed at improving the future economic foundations of the Community of Madrid must take maximum advantage of the international cooperation, aid and coordination within the European Union.
• In turn, the COVID-19 crisis must be used as an opportunity to resolve structural problems, reduce structural unemployment, improve productivity and human capital, converge Europe's leading regions and take on the challenges of the future associated with digital transformation and environmental and social sustainability.

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