IMF-西班牙：选定问题（英）

© 2025 International Monetary Fund IMF Country Report No. 25/122 SPAIN SELECTED ISSUES This paper on Spain was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on May 16, 2025. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf.org Web: http://www.imf.org International Monetary Fund Washington, D.C. June 2025 SPAIN SELECTED ISSUES Approved By European Department Prepared By N. Biljanovska, A. Lariau, C. Pizzinelli, I. Shibata, (all EUR), R. Barrela (EUR Summer Intern), D. Capelle, D. Kirti, G. Villegas-Bauer (all RES), and N. Pierri (FAD) POST-PANDEMIC INVESTMENT: ASSESSING THE SLUGGISH RECOVERY _________ 4 A. Background and Motivation _________________________________________________________ 4 B. Recent Dynamics: Key Facts __________________________________________________________ 7 C. Data and Empirical Strategy __________________________________________________________ 9 D. Main Results _______________________________________________________________________ 11 E. Conclusion And Policy Considerations _____________________________________________ 15 BOX 1. Investment Component of the Recovery, Transformation and Resilience Plan _______ 6 References ____________________________________________________________________________ 16 ANNEXES I. Macro-Level Data ___________________________________________________________________ 17 II. Firm-Level Data ____________________________________________________________________ 18 III. Regression Output ________________________________________________________________ 20 SPAIN’S PRODUCTIVITY GAP VIS-À-VIS EUROPE AND THE UNITED STATES: DIAGNOSIS AND REMEDIES ________________________________________________________ 23 A. Background and Motivation _______________________________________________________ 23 B. Dynamism At the Frontier: Leading Listed Spanish Firms ___________________________ 24 C. Zooming onto the Emergence of “Gazelles” and their Challenges _________________ 27 D. Spain’s Lagging Innovation Ecosystem and Recent Policy Initiatives to Strengthen it _________________________________________________________________________ 29 CONTENTS May 16, 2025 SPAIN 2 INTERNATIONAL MONETARY FUND E. Policy Options to Boost Productivity _______________________________________________ 31 FIGURES 1. Aggregate Productivity Gap: Spain vis-à-vis Europe and the US ___________________ 23 2. Spanish Listed Firms in International Comparison: Productivity, R&D, and Equity Issuance ______________________________________________________________________________ 25 3. Firm Dynamics in Spain ____________________________________________________________ 26 4. Gazelles in Spain ___________