Calviño warns that the coming quarters “will be complex” due to inflation and will bring together social agents


The First Vice President and Minister of Economic Affairs and Digital Transformation, Nadia Calviño, warned this Monday that the coming quarters “are going to be complex” in the face of a scenario of inflation “more persistent and higher” than expected and has advanced that this Wednesday to social agents to return to address the income agreement.

“We have to prepare ourselves and work with a scenario of more persistent and high inflation, in which the coming quarters are going to be complex,” the Government’s economic minister warned in statements to the media after the eighth meeting of the Economic Advisory Council. The vice president has ruled out, however, the possibility that in the coming quarters the evolution of the Gross Domestic Product (GDP) will be negative.

Faced with this scenario, Calviño has highlighted the “importance and convenience” of social agents being able to agree on an income pact to provide “confidence and stability” to workers, companies and society as a whole.

Thus, at Wednesday’s meeting, the Government will try to promote, support and channel this dialogue between companies and workers to contribute to this income pact that allows it to continue facing the current challenges and in particular those derived from the rise in prices at the international level. .

“The war makes us all poorer and it is very important to guarantee a fair distribution of its cost”, the vice president pointed out after defending that the measures put in place by the Government are making it possible to contain inflation. Of course, Calviño has recognized that, along with energy, there is a growing concern on the part of experts regarding the rise in food prices.

For this reason, the economic minister of the Government has defended that Spain has mobilized an “unprecedented” volume of resources of more than 1% of GDP only with the measures adopted in 2022, which are allowing prices to be contained by 3.5 percentage points.

The vice-president has assured, however, that during the meeting, the experts have confirmed that the Spanish economy maintains strong growth even in this international context of “maximum uncertainty” due to the war in Ukraine, geopolitical tensions, the normalization of monetary policy , disruptions to global supply chains and inflation.