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Finance Minister Of The Year: 2003 Saw Benefits Flow From Fiscal Austerity. Finance Ministers...

GLOBAL: RODRIGO RATO, DEPUTY PRIME MINISTER & ECONOMY MINISTER, SPAIN

Against the backdrop of middling economic growth in the eurozone and widening budget deficits threatening the Stability and Growth Pact, Spain has bucked the trend again and is expected to report solid growth of 2.3% in 2003. This year, analysts expect the economy to expand by 3%, easily outpacing the eurozone average of 1.8%, according to the Organisation for Economic Co- operation and Development (OECD).

"As global recovery emerges, Spain stands out as the major euro area country where t

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    • Economic growth in the world is likely to come in at 3.2 percent for 2003, measured in terms of real Gross Domestic Product (GDP), compared to growth rates of 2.4 percent in 2001 and 3.0 percent in 2002. The International Monetary Fund in Washington (IMF, World Economic Outlook, Fall 2003) ......

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