The long-awaited end of the health crisis will leave us with an economic situation where the priority will be to recover what has been lost, even if we cannot go back and nothing will ever be the same again. The information and experience at our disposal allow us to propose a strategy to follow now that we have an increasingly clear diagnosis of the situation and know what we want. And this strategy involves everyone working together. <\/p>\n
As a society, we must take the necessary measures to improve the normality that existed before the health crisis: the private sector through the necessary adjustments to become more efficient and competitive; and the authorities with the structural reforms required to ensure that the recovery we are already observing is more solid and sustainable.<\/p>\n
The debate among economists no longer focuses on when the recovery will begin, but on its strength. The Bank of Spain predicts that the GDP level existing prior to the health crisis will not be recovered until 2023, which is too long considering the damage the pandemic has caused to the economy and society. European funds can provide a final boost to demand, although it would be more appropriate to see them as a catalyst for structural reforms and supply-side measures that lead to an increase in productivity and, therefore, potential growth. <\/p>\n
The Next Generation EU European recovery plan is key for Spain, as it facilitates the transition toward a greener and more digital economy, placing special emphasis on the transition of SMEs, which represent the majority of the production fabric in our country. Banks, as always, offer their collaboration to the authorities, as they can contribute to driving the recovery with their reach and proximity to the client, advancing funds and co-financing and promoting projects in areas where they have knowledge and experience. <\/p>\n
To manage the exit from the crisis, international coordination and cooperation between economic agents are necessary. Let us take advantage of the immense challenge of returning to normality by designing a better one than what we enjoyed until Covid-19 disrupted our lives. <\/p>\n