Think tank says that Balearics will be the autonomous region to achieve economic growth in 2008-2010

Hispalink, a Spanish economic research network comprised of leading universities, has produced a report “Predictions of regional growth 2008-2010” in which it states the Balearics economy will be the only autonomous Spanish region to post economic growth in 2009. The report concludes that the economy will grow by a modest 0.2 percent, compared with negative growth across the rest of the national economy. Cantabria, Navarra and La Rioja come out worst in the report´s estimations, and are expected to contract by 0.6 percent in the coming year.

The report then goes on to say that when the economy picks up in 2010 the Balearics will experience accelerated growth ahead of other regions, with an expected 0.9 percent growth. The Canary Islands, Galicia and Castilla y Leon will not be far behind, with expected growth rates of 0.6 percent.

The Hispalink report concludes that there will be a clear recession throughout Spain in 2009, although the Balearics will be the least harmed autonomous community and the one most able to maintain growth.