In May, Spain posted a six-year record for economic growth, triggering an upward revision to estimates for the year. Experts have since pointed to increased domestic demand and an uptick in exports to explain what government leaders hope is the promise of real recovery. More recently, however, some of the optimism has been dampened by reports of persistent unemployment domestically and weak economic news from key trading partners like Italy, which officially slumped back into recession this summer.
In response to those challenges, Julio Pomes, president of the Atlas Network partner and Spanish think tank Civismo, recently argued for a more liberal foreign trade policy with focus beyond Europe. In particular, he called for a retreat from protectionism explaining that high tariffs have the unintended consequence of raising barriers for exports. In an article published by ABC (in Spanish, subscription required), the third largest newspaper in Spain, he wrote “We must make progress in other markets like North America and Asia,” in order to decrease Spain’s reliance on Europe for trade.