Spain’s economy has bounced back strongly after months of recession, but is now struggling to recover after a strong economic stimulus bill was passed.
The legislation was passed by a vote of 74-19 on Thursday, which also passed the lower house of parliament and was signed into law by President Mariano Rajoy.
The economic stimulus, however, will have to be implemented over two years, and a new one is not expected to be in place until 2019.
The government will also need to boost domestic demand and increase spending to meet the target of raising GDP by 6% a year for the next five years.
The bill will have an effect on the country’s public finances and public spending in the medium term.
“I think it’s an economic stimulus package, but not a very large one,” said Daniel O’Brien, senior economist at the International Monetary Fund.
“It will be an economic package with very limited scope for the fiscal consolidation that we have been demanding for months.”
Spain has also had to pay billions in interest payments to its bondholders.
A number of countries in the eurozone have also had large public debts.
The ECB and the European Commission have also agreed to take on additional funds to help Spain recover from the economic crisis.
This week, the European Central Bank has also extended its bond-buying programme for another three months.
However, there are also concerns about the health of the country as the country has seen a huge surge in unemployment, which is currently at 14%.
According to a recent report by the countrys unemployment rate is now nearly 14%.
“The government has a very difficult task in terms of maintaining the momentum of the recovery,” said José Manuel Varela, director of the Instituto de Salud Social.
“The economy is at a critical point, and if it does not recover then we could have a recession or a deep recession.”