It is likely that the worst of the recession, in the sense that the decline in activity and employment have reached their peak, is behind us.
In any case, so far, the crisis has wiped out 5 percentage points of real GDP, destroyed nearly two million jobs, the unemployment rate has increased by 12 points to approach 20%, and the public deficit exceeds the unprecedented figure of 11% of GDP.
All this despite, or thanks to, some will say, the extraordinary monetary, fiscal, and budgetary stimulus measures.
