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Last week the Spanish Prime Minister Jose Luis Rodriguez Zapatero announced that even though the economic situation may be tough at the moment an economic recovery is expected to start in the second half of 2009, refuting a report by the IMF stating that this would not happen until at least 2010. He also said that this year would be a serious challenge for his government but how he was determined that the recovery in Spain would be managed efficiently.
A huge 11 billion euro recovery budget was unveiled recently aimed at kick-starting the economy, by creating 300,000 new jobs using 8 billion euros and the remaining 3 billion euros is going into a Special State Fund which will be spent on the environment, struggling industries and research and development.
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