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IMF says Spain has 'turned corner'

A building partly constructed in Valdemoro, near Madrid on January 23, 2009The IMF declared Tuesday that Spain’s economic recovery is here to stay, hailing a return to growth and job-creation despite the nation’s 26-percent unemployment rate. “Spain has turned the corner,” the International Monetary Fund said in a report on the eurozone’s fourth-largest economy, which emerged in mid-2013 from five years of stop-start recession. The Fund noted that Spain grew in the first three months of this year at a quarterly rate of 0.4 percent — the fastest clip since a 2008 property crash destroyed millions of jobs and flooded the nation in debt. “The labour reform and wage moderation are helping turn job destruction to job creation,” the IMF said.

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