Spain's economy will shrink in both 2009 and 2010, and make a minor recovery in 2011, the Paris-based economic adviser Organization for Economic Cooperation and Development (OECD) said on Thursday.
According to the OECD's semi-annual report, Spain will see an economic contraction of 3.6 percent in 2009 and 0.3 percent in 2010 before a weak rebound by 0.9 percent in 2011.
The OECD also forecasted that Spain's unemployment rate would top other OECD member countries in 2010, hitting 19.3 percent from18.1 percent in 2009.
Spanish Economy Minister Elena Salgado said that the employment condition would be worse in 2010, but the worst macroeconomic crisis had already passed.
The OECD's forecasts, similar to those given by the Spanish government, updated the figures presented by the European Commission and the International Monetary Fund.